What is the risk of owning USDC?

Could you please elaborate on the potential risks associated with owning USDC? I'm particularly interested in understanding the market volatility, the safety of the underlying assets, and any regulatory concerns that might arise. Additionally, I'd like to know if there are any specific risks unique to USDC that investors should be aware of. Could you provide some insights into these matters? I'm keen on understanding the full picture before making any decisions regarding my crypto holdings.