Yes, a
RS232 to USB converter does have a full-blown UART circuit built-in. As any standard UART, it
does have Rx, Tx, and flow control pins. ... When data is there, the
USB side returns the piece of data.
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At a block level a USB to serial adapter consists of a USB serial processor chip, a serial driver chip and if the adapter is isolated there will be optocouplers in front of the USB and / or serial ports. The above design consists of a FT2232 USB serial processor from FTDI, which is a dual serial port processor.