Since there is some confusion on the topic of voltage, I am going to make it worse.
Most of the rechargeable Li-ion cells are nominally 3.7V. Their safe range, from fully charged to a safe discharge level is about 4.2V to 3.2V. Some devices may run them lower than 3.2V, but not much.
However, devices that are recharged through USB cables, typically with a micro-B plug, expect 5V. Rechargers powered with Li-ion cells that accept USB cables will provide about 5V. How do they do this? Little bitty solid-state circuits that take whatever the cells are giving and convert it into what the USB specs require.
As mentioned in an earlier post, the cost of this service is a loss of efficiency, perhaps 15%. A similar thing happens in the device being recharged. Its cell(s) (Li-ion) need various voltages at different times while charging, and those are supplied in the device by its own circuitry, starting from the standard USB 5V input. All this voltage regulation is done with solid-state magic — no transformers allowed. Remember those big heavy wall-wart or brick power supplies of old? Transformers! In modern low-power devices transformers are as obsolete as vacuum tubes.
Some people have never even seen a vacuum tube. Well, actually they have: That's what TV tubes are, but now many kids are growing up ignorant of display history. Kids, these days!