How trustworthy is USDC?

I'm curious to know, how trustworthy is USDC really? As a stablecoin pegged to the US dollar, it's crucial for users to have confidence in its stability and security. Are there any independent audits or assessments that confirm its trustworthiness? And what measures are in place to ensure that USDC remains fully backed by reserves and remains redeemable on demand? Can you elaborate on the transparency and accountability of the issuing entity, as well as the risks associated with using USDC for transactions and investments?