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? 
Probably because of many issues with their other investments and the current movement of the whales, don't panic because USDC can survive this since there's no major issue against them aside from the liquidation news and as you can see its value started to recover after dropping that much. If I have funds right now, I will always take risk to buy USDC at such price, this is temporary and they can solve this one because we can't afford another stablecoin to ended up like UST.