You might be interested to learn about MakerDAO / DAI[0], which is a stablecoin pegged to USD using CDPs (collateralized debt positions) and decentralized governance.
This is an interesting project. The big question for Maker is, will decentralized governance work across the life cycle of this product? The nightmare scenario for a stablecoin is volatility, and governance in this space have historically resulted in volatility.
0: https://makerdao.com/en/dai