Unlike UST, USDC and BUSD saw historic market value falls, but everyone exits at an almost 1:1 profit ratio with no loss. That is encouraging, in my opinion, and indicates that they were stable.
On April 10, 2023, Tether USD (USDT) saw its market cap rise to an 11-month high of $80.25 billion, recovering from a dip below $80 billion during the Terra collapse. In contrast, USD Coin (USDC) and Binance USD (BUSD) experienced sharp declines. USDC’s market cap fell to $32.59 billion, an 18-month low, due to issues with Silicon Valley Bank and a depeg event. BUSD’s market cap dropped to $7.07 billion, a 23-month low, following Paxos’ halt in minting new tokens and regulatory issues.
USDC and BUSD have seen market cap declines, but everyone is able to exit at nearly a 1:1 ratio, resulting in minimal losses compared to UST. I’d consider this good news and an indication that they were genuinely stable.