There's no fiat ownership here. It's a speculative bet by two users on the price of bitcoin backed 100% by a contract enforced on chain.
I was watching some of the video on SATSx. Great job! I hear ya on how it is by the initiation of two people in the private that makes this work (The DLCs). As DLCs can be anything in which the two parties wish to bet on. So, this seems to be a good way of getting "stabilization" without a shitcoin.
I still see this as eventually unnecessary (and still "advertising" fiat) as Bitcoin continues to deflate itself over time. This will make Bitcoin gain more and more spending power over time and "fluctuations" in spending power will be almost irrelevant.
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