If it's backed by bitcoin for example, and you're trying to peg it to USD, then the spending power of your treasury in USD will depend on the price of bitcoin a

If it's backed by bitcoin for example, and you're trying to peg it to USD, then the spending power of your treasury in USD will depend on the price of bitcoin and the peg will just break when the price of bitcoin falls too far. Fei's reward system is controlled by whichever party controls the oracles. You can outsource the oracles to a proof-of-stake-like system on chainlink, but that doesn't get rid of the fundamental problem.