Does it have to do something other than be pegged to the dollar? What does USDC do?
USDC is a stablecoin, is backed by assets in an open, transparrent manner.
The backing of our hypothetical crypto would be PED itself which is an isolated market, 100% subject to MA's whim, beyond any kind of audit or transparency. PED can be created with a button, whereas backing assets are the opposite. Say you put your house, as an example, as a backing asset, altho is a childish example. Say a market value of 300k USD. Now if next year that house would be 400k USD, then the minimum total (potential) value of respective crypto mass would change from 300k to 400k USD. In other words, 3rd interested parties could somehow evaluate your coin and trust it because there is something behind.
There is nobody else in the world using or recognizing PED. PED itself in its economic life has no business with USD, that is only the promise of MA to oversee a balance. Me finding right now an ample deposit of 11 PEDs has no impact, not even at an atomic scale, on USD. It is only if I would withdraw those 11 PEDs that there would be an interaction. Whereas the businesses using USDC can just aswell use USD, they exist, they have and make tangible value somehow, be them products or services or whatnot. So a, say, Chinese manufactory dropping overnight 10M electric cars on US market, that will impact USD (and consequentally USDC) to some extent.
That for stablecoins, they're not an option until MA would be at the very least public if not outright step into the financial world, with all manner of implications (subject your fugabarba hunts to form number X100something from IRS for an extreme example), and then there would not be any need anymore for a crypto intermediary, PED itself would have this role.
The alternative, the volatile ones, would mean to breach the fundamental contract that 10 PED = 1 USD and subject it to extreme waves, such as bitcoin market is seeing almost yearly. Bitcoin itself doesn't do much, but there's the advantage of being the pioneer. Ethereum is a platform itself for other projects (and the very existence of said projects give value to Eth). Ripple is heavily involved with logistics world and somehow wishing to compete SWIFT (but the wiki is a good read on the challenges of crypto in general) etc A crypto for PED would need to offer some form of service to the outer world in order to exist, to have any meaning. Why would your bank or the donner from the corner would accept this crypto, beside its simple existence.
So to say, if were to use this crypto technology, the process should be reset from the beginning, namely a game to be created from the ground up which to have in its very functionality the "mining" for respective crypto through various actions in the respective universe.
Then there should be a mean to make the whole process transparent, which is (1) fundamental to crypto (2) completely opposite to how PED and MA work.
Then there should be, as said above, a sort of platform for something exterior, such as to give a refference for an eventual USD (variable) rate. Arbitrary example, a registry for lohn operations/sales in textile industry. And then the game would be what miners were/are for bitcoin, and the textile industry would be the actual IRL market whcih to give actual value, beyond wishful thinking.
The whole catch to PED is that is not really pegged to USD, but to SEK. And is not pegged per se, there is no PED asset (say LA40), but MAs assets (servers, eventual real estate etc) which are fundamentally SEK. That's where MA's business functions, on USD-SEK exchange rate. What they balance is the in- and out- flow of USD, hence liquid PED is an accounting liability and everything else is players' trust between each other and the universe itself (potential value, investment decisions, perceived potential profitability etc).