How does cUSD maintain its peg to the US dollar?

Could you elaborate on the mechanisms in place that enable cUSD to maintain its peg to the US dollar? I understand that stability is crucial for users to trust and adopt such a cryptocurrency, so I'm curious about the specific strategies and processes used to ensure that the value of cUSD remains closely tied to the value of the USD. What are the primary factors that contribute to this stability, and how are potential deviations from the peg addressed?