Which of the following correctly states the use of `=` in Python?

The use of = in Python is primarily for assignment, which means it is used to assign a value to a variable. When you write a line of code like x = 5, you are instructing Python to store the value 5 in the variable named x. This assignment operator does not compare values or produce a boolean result; instead, it is a fundamental part of defining variables and manipulating data within a program.

In contrast, other options describe different functionalities in Python. For instance, using == would be relevant for comparing two values, while function definitions typically use the def keyword. Additionally, iterating over a list is accomplished with structures such as for loops and does not involve the assignment operator. Therefore, understanding that = denotes assignment is essential for effectively writing and understanding Python code.