That's not so simple. I agree USDC is still in a solid position, markets are overreacting, and this is very different than e.g. Terra collapse. But you're assuming any eventual losses (e.g. the 7.6%) would be equally distributed across all users. That is not the case.

If there's a run on the bank, the first users will get 100% of their funds at 1:1 peg (see Circle's announcement earlier today [1]), until they run out of liquidity. Then the remaining users are left holding the bag, and get a fraction of whatever is left after months of litigation.

The fear of being the last one holding the bag is what triggers bank runs, despite a bank run being the worst possible outcome for everyone. It's a classic prisoner's dilemma.

ps: not financial advice, etc, etc.

[1] https://www.circle.com/blog/an-update-on-usdc-and-silicon-va...