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Coinbase Stablecoin Master Plan Revealed!USDC is a stablecoin designed to be pegged to the US dollar and redeemable on a basis for US dollars, backed by dollar denominated assets held in segregated. Tap or click the "Swap" icon in the Assets tab, then select "Choose asset" and pick USDP Stablecoin. Input the amount of ETH you'd like to exchange for USDP. A stablecoin is a digital currency that is pegged to a �stable� reserve asset like the U.S. dollar or gold. Stablecoins are designed to reduce volatility.