What is USDC backed by?

Could you please elaborate on the backing mechanism of USDC? I'm curious to know what assets or entities are supporting its value and stability. Could you provide some insights into the collateralization process and the entities involved in ensuring the integrity of USDC? Additionally, how does this backing mechanism contribute to the trust and credibility of USDC as a stablecoin? I'm interested in understanding the underlying structure and how it affects the overall functionality and market perception of USDC.