This is part of how the Ripple network was supposed to work, IIRC. You can issue an IOU in any currency, and it is up to the receiver to determine who they trus

This is part of how the Ripple network was supposed to work, IIRC. You can issue an IOU in any currency, and it is up to the receiver to determine who they trust and what currencies they'll accept. It hasn't been much in the news lately due to the lack of going-ons / spectacular implosions compared to the larger networks.