Backing by fiat currency is not working in the crypto space, hence the USDT has the problem. Therefore the rest of stablecoins are back by the algorithm and so Psyche is.
I was reading your article on Medium before you launch this thread. It was said as a challenge to USDT. I'm not sure, how you will do it but it is a very bold statement.
Really bold statement. What I am worried about is, do they really have the assets to back-up their numbers? For a time before, USDT admitted that they are not 100% backed by US$. So what about this project, how do we know they are saying the ultimate truth about their assets?