No, Brock Pierce's company was originally RealCoin and renamed Tether, which was originally built on Mastercoin which was renamed Omni.

Their model is not to create an artificial peg like Nubits or Bitassets, they hold actual dollars custodially and issue tokens. Legendary internet moron Trace Meyer once tried to convince them (on his podcast) to hold physical cash in a vault instead of using banks to do this.