Based on my understanding, Stable coins are those coins that are not that volatile in nature. That is, their price value does not increases or reduces drastically for they tend to maintain a given price value for a long period of time.

You are absolutely right, stable coins have a fixed price stability due to the fact that they are being pegged or tied to a currency, commodity or a cryptocurrency. So, the constant or continuous supply of value from the underlying pegged asset helps stable coins to maintain a stable or fixed price value