Volatility in any asset cannot be 'controlled'
I know most about fiat currencies, so putting my answer in that context:
Currency baskets for example dampen vol by spreading it across a bunch of assets hopefully reducing overall vol
Pegged currencies to a basket hope to have the same impact
Pegged currencies to only one currency eg. a Carribean currency tied to USD just take on the vol of the USD

Volatility can be a good thing if you want the upswings and can cope with the downswings
there's a lot of academic papers on vol if you want a more precise stat based answer