What is USD Coin & how does it work?

Could you elaborate on the concept of USD Coin and its operational mechanism? I'm curious to understand how it functions as a digital currency pegged to the value of the US dollar. Specifically, how is the stability of its value maintained? What are the key processes involved in issuing, redeeming, and managing this digital asset? Furthermore, how does it differ from traditional fiat currencies and other cryptocurrencies? I'm also interested in its potential use cases and how it's being adopted by businesses and individuals alike.