Risk of a stablecoin depeg

There are various stablecoins such as USDC or USDT which are meant to be pegged to fiat (e.g. 1 USDC = 1 US Dollar), assuming the token is fully backed by actual US Dollars or other real world assets.

In an ideal scenario, in a "stablecoin" pool, there should be negligible impermanent loss since each token in the pair is worth 1 US Dollar and it doesn't matter whether your liquidity position ends up with more of one token and less of the other. You are simply earning trading fees as a liquidity provider in the pool.

However, during black swan events, there is a possibility that a stablecoin depegs from 1 US Dollar.

For example, if you have 100 USDC and 100 USDT in a USDC/USDT pool, your position is supposed to be worth $200. If USDC depegs to 1 USDC = 0.9 US Dollar, your position ends up being worth $190.