Now the real question is whether bankruptcy would topple USDC since Coinbase is one of the major backers [0]. It's holding steady right now, but so was UST a few days ago. USDC has $48B supply and is propping up DeFi apps on many other networks (just look at AAVE [1] and Curve [2], two multi-chain protocols), so if it falters, there could be massive fallout.

[0]: https://www.centre.io/usdc

[1]: https://app.aave.com/markets/?marketName=proto_mainnet

[2]: https://curve.fi/pools (search USDC)