Is converting USDC to USD taxable?

I'm a bit confused about the tax implications of converting USDC to USD. Could you clarify for me? I understand that cryptocurrencies are a relatively new asset class and the tax rules surrounding them can be quite complex. So, when I convert my USDC holdings to USD, does that constitute a taxable event? And if it is, how would I calculate the capital gains or losses for that conversion? I'd really appreciate your insights on this matter as I'm trying to stay compliant with all tax regulations.