What is a USD Coin?

Could you please elaborate on what a USD Coin is and its significance in the cryptocurrency and finance world? As a professional practitioner in this field, I'm curious to understand its underlying technology, purpose, and how it functions as a stablecoin. I've heard it's meant to be a digital representation of the US dollar, but I'd like to delve deeper into its mechanics and use cases. Additionally, I'm interested in knowing how it differs from other stablecoins and if it has any specific advantages or disadvantages. Thank you for your time and expertise in this area.