Is cUSD backed?

Excuse me, could you please elaborate on the backing status of cUSD? Is there a specific asset or a group of assets that serve as a collateral or backing for this cryptocurrency? I'm interested in understanding the security and stability behind cUSD, especially in terms of its value maintenance and redemption process. Additionally, is there any form of insurance or guarantee in place to protect holders of cUSD against potential risks or devaluations? Thank you for your time and consideration.