There were a few cryptos that tried the exact same thing before Maker. Notably NuBits and BitShares, both of who had dollar equivalents with what was at the tim

There were a few cryptos that tried the exact same thing before Maker. Notably NuBits and BitShares, both of who had dollar equivalents with what was at the time more collateral in their native crypto than the dollar peg. In all instances at some point the collateral value collapsed and the whole thing went kaput (more or less at once). That said I have high respect for the Maker team and the overall idea. They are some of the best people working in crypto right now.