My instinctive thought is that the responsible thing to do here is to pause redemptions for a while to see how the SVB thing plays out and then lower the face value of the usdc to align with their reserves.
Their best play right now would be to find some big pocketed investors with on chain assets. Have them buy USDC on-chain for $.90 on the dollar, write off the $1 redemption value with a $.10 bonus, and defer redemption on those tokens until they figure out the liquidity situation. It'd be a crazy bet and requires on-chain assets to kick start it, but the investors would be making a decent return in exchange for delaying their redemptions.
So likely 0?