USDC: What's the point of premium in this range?

Been watching $USDC for a bit, mostly out of morbid curiosity. It's trading 0.9997, and frankly, the lack of movement is almost impressive, oscillating between 0.9987 and 0.99992 today. I'm struggling to see the juice worth the squeeze on any directional options plays here. Even the most aggressive short-term straddles or strangles would need some serious leverage or a sudden, dramatic depeg to be profitable, and the implied volatility is naturally crushed. Unless you're playing for a systemic collapse, which seems a bit extreme for a daily trade, the risk-reward for trying to extract anything from this range feels heavily skewed towards zero or negative. My read is that if we ever saw a sustained break below 0.9980, that might signal something actually brewing, but until then, it's just a stablecoin doing its stablecoin thing. Not much alpha to be found in option selling unless you like watching paint dry, or paying fees for the privilege.