If the price of USDC drops below USD 0.995 and does not recover above 0.999 within 24 hours, you are eligable for a payout in USDT.

The payout is based on the price of USDC after 24 hours and will cover your loss at that time (follow this link for the current price). Payouts are capped at USDC 0.80 (20% depeg). If at the time of depeg the wallet contains less USDC than the protected amount, the payout will be limited proportionally. After the depeg event you have 7 days to claim the payout. A claim can be issued by clicking on the Claim action in the Policies section of the application.