How is the price of a stableCoin set?

Im interested in StableCoins lately, but cannot figured out how can they set The price of The stableCoin and make It in a way that It updates and stay 1:1 with the USD for Example. I thought about some type of an Oracle that gives the price an update, but It doesnt fit to me. How do the contract updates itself continously to a price of a Coín on the “outside world”?

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