Also, while USDC is like a deposit, legally it isn't. So they are under no obligation to produce USD in exchange on demand. They can (and have) shut redemptio

Also, while USDC is like a deposit, legally it isn't. So they are under no obligation to produce USD in exchange on demand. They can (and have) shut redemptions. So they could just wait 36 days for those treasuries to mature instead of taking even that small 0.4% haircut.