Not really sure how all these stable coins work but how did a stable coin that is supposed to be equal to one US Dollar go down in price? 
USDC is made by Circle.Circle has $3.3B deposits in Silvergate bank.
Silvergate bank files forced liquidation and that means a lot for Circle and mostly affecting USDC.
Just like the collapse of UST and Luna, that means a lot to the market which affects the entire whole crypto market but I don't think that USDC will be ending the same as UST/USTC. And whenever there's sort of news like this, the involved crypto whether it's a stable coin or an alt coin, it's always been affected and getting a lot of dumps which results to its value goes down.
Circle does not have a $3.3B deposit in Silvergate, it is on another bank, SVB or Silicon Valley Bank. See this tweet from the official Circle account: https://twitter.com/circle/status/1634391505988206592.
Based on monthly the latest Jan 2023 attestation, Silvergate is one of another bank who Circle held the reserves. As we know, besides SVB which goes bust, Silvergate the bank is also closing down its business, but it will come with full repayments of the deposit.
Contratry to UST, I don't think it will have the same effect, the market got swayed down is certain, but the degree if USDC going collapses will be much significantly deeper, note that DAI is also affected.