USD Coin (USDC) is stablecoin that is pegged to the United States dollar. It is open source and runs on the Ethereum blockchain. The USDC is the second most widely-used dollar-based stablecoin, after Tether.

Each USDC is backed by an actual dollar held in reserve. To the best of my knowledge, this is the only stablecoin to currently do this (Tether used to, but no longer does). While the technical process is a bit more complicated, you can think of the USDC as a coin that is minted when you move money from you bank account to a USDC wallet, and destroyed once the USDC is transferred back to a traditional dollar in a traditional bank.

USD Coin is managed by the Centre Consortium, a collaboration between Coinbase and Circle Internet Financial (AKA Circle). USDC was launched in September 2018. As of January 2021, 5.5 billion USDC was in circulation.

Amazingly, you will find sites that state that USDC is a good investment. It is a safe investment, but does not collect interest or drift significantly in relation to the US dollar; any investment in USDC should be viewed as a type of currency trading.