That means that the worst has already happened. USDC dumped to $0.92 which would be fair market value even if the whole $3.3b is lost forever.
I think a worse scenario is:
This could see USDC bounce back to close to parity Monday morning before falling again later.
While that hole remains there will always be sell pressure. And (as far as I can see) no way to mint new USDC. Their model doesn't work unless its fully backed.
My guess is they announce tomorrow / Monday how they are going to fill the hole. It's not a huge amount. Probably 2 bn after the advance dividend from SVB. Capital raise / loan / securitisation etc.
RE: No, USDC is Not Going to 0