Is USDC not backed by USD?

Could you please clarify, is USDC not actually backed by the United States Dollar? I've heard conflicting information about its reserve assets, and I'm trying to understand its true value proposition. As a cryptocurrency enthusiast, it's crucial for me to know the extent to which USDC is truly backed by fiat currency. Is there a risk involved in relying on USDC as a stablecoin if it's not fully collateralized by USD? I'd appreciate your insights on this matter.