Is TUSD backed by USD?

Could you please clarify for me? Is the cryptocurrency TUSD indeed backed by the United States dollar? I've heard some rumors about it, but I'd like to have a more solid understanding. After all, stability and trust are paramount in the crypto world. If TUSD is indeed pegged to the USD, it would provide investors with a degree of certainty and protection against volatile market fluctuations. Could you elaborate on this matter, please? I'm eager to learn more about the mechanics behind this potential US dollar-backed cryptocurrency.