Well Everyone has their own opinion and understanding about USDC. Fiat collateralized stable coins like USDC are the easiest type of stable coin to implement, as they function much like an IOU. Every token is paired with an equal amount of fiat currency, which is held by a central custodian. Holders are then able to redeem their coins for the stable value denominated in fiat. Stable coins aim to carry both the relative price stability of fiat currencies, and keep the core values of cryptocurrencies such as decentralization and security. For truly decentralized stable coins to work, there must also be a system in place that can reliably obtain the exchange rate between the stable coin and the pegged asset, without leaning on third-party institutions that can be manipulated.