USDC is primarily holding a mix of treasuries and cash. It's unclear how much directly, but if you did some reverse engineering of the math, you could probably

USDC is primarily holding a mix of treasuries and cash. It's unclear how much directly, but if you did some reverse engineering of the math, you could probably get a close idea. Since it's not regulated, the price can drop precipitously quicker than the stock market, so there's some risk calculation that determines their treasuries/cash split.