Is USDC still safe?

I've been hearing a lot of buzz about the crypto market lately, and USDC has always been a stablecoin I've trusted. But with all the volatility going on, I can't help but wonder... Is USDC still safe? I mean, I've seen some reports about potential issues with its backing, and it's making me a bit nervous. Could you give me a rundown of its current status? Are there any reasons I should be concerned about the safety of my USDC holdings? Or am I just overreacting to the market hysteria?