FORGET IOU....I'm not even talking about IOU's.
You are - but let's look at what you say "next" (pun intended).
Example: NXTMONEY is pegged at 1 USD....so everyone who has or wants to receive NXTMONEY knows that it is worth 1 USD, 1 YEN, 1 CNY for example locally in his country.
This is the problem - *how* is it *pegged*?
It can only be so if some individual or group is "guaranteeing" to accept it for 1 USD (or whatever) but if that person/group decides that they are not worth it (for whatever reason - maybe they don't have any USD left) then your *pegging* has just failed and in fact the coins are worth ZERO.
This is why they are not *actual* USDs (or whatever) - they are actually IOUs - this is EXACTLY how Ripple works.
That is what I was talking over and over again.
NXT has no control over offchain activities. It's humans that have. They decide whether they accept it or not. If not, *boff* value=0.