  We discuss the interpertation of the $c=1$ matrix model as two-dimensional
string theory in a dilaton-black hole background. The nonperturbative
formulation of $c=1$ matrix model in terms of an integrable model of
nonrelativistic fermions enables us to study the quantum fate of the classical
black hole singularity. We find that the classical singularity is wiped out by
quantum corrections when summed to all orders.
