Preston’s got the right of this one. https://twitter.com/prestonjbyrne/status/987457959524491265 …
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I’m very, very skeptical about the mechanics, but I’m even more skeptical about the claimed benefits, which are “This thing that you call Totally Not A Dollar is worth $1 but because it’s not a dollar all those pesky money laundering regulations don’t apply to it.”
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It’s just Liberty Reserve, except with more exotic operational risks.
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End of conversation
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Argentinian pesos were supposedly pegged to the dollar too, and we all saw how well the peg went in practice.
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