USDC is a fully collateralized US dollar stablecoin. Each unit of USDC in circulation is issued by regulated financial institutions and backed by fully reserved assets, and redeemable on a 1:1 basis for US dollars. USDC is governed by Centre, a membership-based consortium that sets technical, policy, and financial standards for Stablecoins. 


More information here https://www.circle.com/en/usdc