It seems they will back that pegged coin with the amount you spend to purchase.
Like 100 person give them 100.000$ total for 100.000 menacash and circulating supply is 100.000 token backing up with 100.000$. When you cash out like 20.000 of it, and the outcome is 80.000$ in the bank and 80.000 token circulating.
Makes me wonder why MenaPay is necessary. Would MenaCash alone not be enough to enable electronic payments?
Although I suppose when people collectively purchase over $25 million worth of MenaCash, they run in a liquidity crisis because there is not enough MenaCash. Maybe that is the reason for MenaPay.