Sort of. Steem SBD was partially copied from BitShares MPAs, but they tried to make it a simplified version with no direct user initiated issuance. In doing this they removed the price ceiling, which is why SBD fluctuates so widely above $1. Now so many Steem users get excited about speculating on the price of SBD that fixing the peg system for it is pretty controversial.
BitShares MPAs work much better than SBD for stability because they can be issued on-demand by anyone willing to lock up BTS as collateral.
Interesting. All of that was new to me, so thanks for the lesson. I hadn't realized that was one of the reasons that SBD broke the peg. I know it was getting close to the peg again and that (maybe) it could be locked once it was there, but it has skyrocketed back up and it would be difficult to get consensus to strong-arm it back there (at least at this point).
I like the higher rewards, but I think that for long-term growth of the platform, having a stable currency will be key. It will attract more people who are looking for something where their value won't disappear or drop by large percentages in short periods of time.