Is USDC backed by Coinbase?

Could you please clarify for me whether USDC is indeed backed by Coinbase? I've heard some rumors about this, but I'd like to have a definitive answer. If it is backed by Coinbase, what does this backing entail? Does it mean that USDC is more secure or stable? Also, are there any risks associated with relying on such backing? I'm trying to understand the full implications of this rumored backing so that I can make informed decisions about my cryptocurrency investments. Thank you for your assistance in clarifying this matter.