This whipped topping is stabilized using gelatin, which means it will last you longer than a day and won't melt on top of your baked goods in a blink of an eye.
Add the cold water to a small bowl and sprinkle the gelatin on top. Let it sit for 5 minutes so the gelatin can bloom (essentially, the gelatin will absorb the water and the mixture will thicken).
After 5 minutes, microwave the gelatin for 5 seconds, and then stir it. If all the gelatin dissolves, it’s ready to use, but if there are still lumps, microwave it for another 5 seconds and then stir it again.
Add the cream to the bowl of a stand mixer. Use the whisk attachment to whisk the cream until it’s foamy.
Add the powdered sugar and vanilla, and whisk until it forms soft peaks.
While mixing on low speed, gradually drizzle in the dissolved gelatin a little at a time.
Continue whipping just until it forms stiff peaks, being careful not to overmix.
Immediately use the stabilized whipped cream to frost a cake, or transfer it to a piping bag fitted with whatever tip you want and pipe the cream on cupcakes.
Notes
Be sure that you are using chilled heavy whipping cream. If your whipping cream is warm or not cold enough it will not whip properly or thicken. You can also chill the bowl of your stand mixer before beginning to help with this.
Instead of vanilla, you can use whatever extract or flavoring you like, such as coconut, almond, etc.
Once the stabilized whipped cream is made, work somewhat quickly to frost a cake or cupcakes with it as the gelatin in it will make the cream stiffen and set.
Cakes or cupcakes that have been frosted with stabilized whipped cream can be stored in the fridge for up to 3 days.
The tip used to pipe the cream onto the cupcakes in these photos was an Ateco 824.