you lost me at "backed by"
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
https://video.nostr.build/2bd2bd63fbd4c77d64d5f8a2a1cab6ccbea48c541c96be2f28fa5e57276be872.mp4
Discussion
Do Kwon was definitely ready for it, just to remind about the problem of algorithmic stables and how dicey they can be
overcollateralized might help but that's gonna raise the fee rate or you are gonna run out of money when the trade goes bad several times in a row beyond your expectations