Yes I haven’t thought yet about how to exactly decide on a cap of the AMO minting. FRAX has like 70% of their supply in this AMO so they couldn’t resist a black swan event. Does not meant that we must do like them but good point of comparison.
A black swan event for me would happen if Circle censors the Curve pool (it wouldn’t be an Angle contract that ends up owning the EUROC). This is the strategy adopted by Maker to some extent but by getting to know the Circle team personally (which we do), we’re making such distress situations easier to handle, and it’s good to have open and transparent communication channels with them.
Other risk is that EUROC completely fails. This would be due to a regulatory risk (like EU full censorship of Circle and seizing the bank accounts), now we can hope that enough people would be involved for the EU to be reluctant to act because of the amount of concerned retail users.