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? 
It was a domino effect, with their partnership with the other projects which is currently having a problem. Worry no more because the currency price is already at $.96 which i think is already a good and might be back to be more stable in the coming days. I know the trauma of many because of what happened to UST, but I think the situation of USDC is quiet different, they are more organized compared to UST.