Is TUSD fully backed?

As a keen observer of the cryptocurrency market, I'm particularly interested in the stability and reliability of digital assets. One such asset that has caught my attention is TUSD, touted as a fully backed stablecoin. However, with the volatile nature of the crypto world, I'm curious to know if TUSD truly stands up to its claim of being fully backed. Could you elaborate on the mechanisms that ensure TUSD's full backing? What are the underlying assets that support its value? And how transparent is the process of auditing and verifying its reserves? Answers to these questions would greatly assist me in evaluating the credibility and sustainability of TUSD as a stablecoin investment.