Yes but it creates a parasitic behaviour since SBD is dragging away value ,7.5%/year from Steem, andi t's not backed by anything. You cant maintain a peg without actual reserves in dollar.
Its just a fuat currency that is ineficient and siphons away value from the system.
why 7.5%/year?
Go to your wallet and see there, sometimes it's 7% sometimes 7.5% sometimes 8%, I am not sure how the algorithm is working, but it's rought around that number.