Is there a writeup for how this works?
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
It can use either a centralized exchange or algorithmic mechanism to hold the peg. So this design pushes all the risk onto another layer. Understanding these risks is key to understanding the long-term stability of a system like this.