Discussion on $USDC depeg risk, real or overblown?

With the recent slight deviation of $USDC to $0.99977, there's been some chatter about potential depegging risks. While minor, it always sparks renewed discussion. Are these concerns overblown given the liquidity and reserves, or should we be paying closer attention to any sustained deviation from parity? I'm curious about others' thoughts on the underlying mechanics and what would truly constitute a 'risk' scenario versus normal market fluctuations.