USDC != UST, it is backed by assets. Some of those assets were in SBV, which is why it is down... but 90% of the assets were not, we know the number because Ci

USDC != UST, it is backed by assets. Some of those assets were in SBV, which is why it is down... but 90% of the assets were not, we know the number because Circle is transparent, and has 3rd party audits.