Reading Circle's article (link below and I have a copy.), it does say that USDC "SHOULD" stay redeemable at face value if there's a bankruptcy.
USDC is backed up by approximately 20% cash stored within the U.S. banking system, with partners including Silvergate, Signature Bank, and New York Community Bank, etc., and 80% of it is backed by U.S. Treasury bills with a duration of 3 months or less, which are backed by the "full faith and credit" of the US.
At first sight, The only scenario I can think of where USDC can de-peg is when the firm goes bankrupt and finds a way to utilize the cash and bills to pay its dues, or maybe when they file for bankruptcy and the court decides to use the assets that back up USDC.
But other than this I couldn't find anywhere a risk big enough to doubt their ability to pay out in case users want to.
What risks does USDC have that you know of and how big are they?
Article: https://www.circle.com/blog/usdc-trust-transparency-minimizing-risk
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