What is the purpose of USDC?

Might you kindly elaborate on the raison d'être of USDC? As a financial expert with a deep understanding of the cryptocurrency landscape, I'm eager to gain further insights into this particular stablecoin. Does it primarily serve as a bridge between fiat currencies and the crypto economy, enabling seamless transactions with less volatility? Or does it have additional functionalities that make it stand out in the ever-evolving crypto space? I'm particularly interested in understanding its utility, both within the realm of traditional finance and within the crypto community at large.