What chain of events would need to happen for something like USDC to de-peg ?

Hi all,

So basically as the title says I'm wondering how secure USDC is for maintaining it's 1:1 value. I personally view it as more secure than the likes of USDT because it "seems" more audited and in general their transparency is better ( again subjective )

But is there a run of scenarios that would need to happen for me to be concerned about any of my USDT holdings ?

I also understand that any DEFI smart contract USDC could have vulnerabilities themselves but I'd view that as outside the scope. I just want to know what could cause USDC to lose it's value