What is TUSD?

Could you possibly elaborate on what TUSD is? I'm trying to wrap my head around the concept of stablecoins, and this particular one seems to be gaining quite some traction in the cryptosphere. Is it backed by any traditional assets? How does it maintain its peg to the US dollar? Also, I'm curious about its usage scenarios. Is it primarily used for trading or does it have other applications as well? I'd appreciate a detailed yet concise explanation of TUSD, if you don't mind.