$USDC and the Gamma Squeeze Potential

Been watching $USDC a bit today, trading in that tight range of 0.99952 to 0.99993. It's usually a stablecoin, but the options market is getting interesting. There's a noticeable cluster of call open interest just above the current trading range, particularly around the 1.000 strike. If we see any sustained move above 0.9999, which feels like a potential breakout from this recent tight consolidation, I wonder if it could trigger some dealer hedging. It's not a typical scenario for a stablecoin, but the volumes on those calls are significant enough to warrant attention.

The risk, of course, is that it just fizzles out and reverts to its typical peg. A clear move back below 0.9995, especially on any noticeable volume, would probably invalidate the short-term squeeze scenario I'm considering. For now, it's a patient watch, but the potential for some volatility, even in $USDC, is certainly there with that options setup.