USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the Centre consortium. Centre issues and redeems USDC without any extra fee and is licensed as a money-transmitter in the US and as an e-money institution in Europe.
USDC can always be redeemed 1:1 to US dollars. Funds (for collateral) are held in segregated bank accounts, that are monitored and audited by third-parties.
Unlike other stablecoins (e.g., BUSD, USDT), USD Coin runs solely on the Ethereum blockchain.
USD Coin has become one of the largest stablecoins (with a supply approaching a billion), its support has been extended to multiple decentralized applications (e.g., DeFi) and a wide variety of exchanges (e.g., Coinbase, Binance, Kraken).