Is USDC built on Ethereum?

Could you clarify for me, is USDC indeed constructed upon the Ethereum blockchain? I've been hearing various discussions about this matter, and I'm eager to understand the technical foundation behind this popular stablecoin. Given its widespread acceptance and use in the cryptosphere, I'm particularly interested in understanding the role Ethereum plays in its operation. Would you mind shedding some light on this? Your expertise in the field of cryptocurrency and finance would be greatly appreciated in clearing up this confusion.