USD Coin or USDC is a stablecoin whose value is tied to US Dollar.
It's a type of cryptocurrency that's designed to minimize the volatility often associated with other cryptocurrencies. Stable coins are backed by fiat currency to achieve price stability - eg. USDC is fully backed by US Dollar assets. This means that for each USDC token issued, there is an equivalent amount of US dollars held in reserve.
The value of USDC is designed to remain stable, making USDC a stablecoin. USDC is tokenized US dollar and 1 USDC should always equal 1 USD.