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.
You know something? It's not the same thing if there's an app with any already existing stable coin? Like an app with usdt, tusd, pax, gusd and so on?