How does USDC stay at $1?

Could you please elaborate on how USDC maintains its pegged value of $1? I'm interested in understanding the mechanisms behind its stability and what factors contribute to keeping it at this fixed price. Could you explain the role of collateralization and the role of the issuer in maintaining this stability? Additionally, how does the market demand and supply affect USDC's price? I'm also curious about any regulatory frameworks or audits that might be involved in ensuring the stability of USDC. Could you provide some insights into these aspects? Thank you for your time and explanation.