Is USD Coin owned by the government?

Could you clarify for me if USD Coin is actually owned by the government? I've heard conflicting information and it's quite confusing. USD Coin seems to be a stablecoin, backed by the US dollar, but does that mean it's directly controlled or issued by the government? Or is it more of a private initiative, with the backing of the dollar serving as a guarantee of stability? I'm really interested in understanding the ownership structure behind this cryptocurrency and how it fits into the larger financial landscape.