I can definitely see that being the case. The only issue here is that if you're actually just holding bonds and not cash, saying your currency is on a USD stand

I can definitely see that being the case. The only issue here is that if you're actually just holding bonds and not cash, saying your currency is on a USD standard is patently false. If your currency is backed by some kind of non-cash instrument, then what you've actually got is some kind of ETF like structure, not a currency qua exchange currency.