No. USDC is holding its peg. Pegana's current read is −0.01% from intrinsic value, inside its calibrated drift band. USD Coin (USDC) last traded at $0.9999 against an intrinsic value of $1.0000, as of .
USDC is a fiat-backed stablecoin, so its intrinsic value is $1.00 by construction and the only question is whether the market price is holding there. Pegana computes USDC’s intrinsic value from its peg mechanism and compares it against the best executable market quote. The spread is smoothed, classified against USDC’s own calibrated thresholds with hysteresis, and every state change emits a public receipt that anyone can re-derive byte-for-byte with the open-source methodology crate.