The dollar refers to the cash out value if the project fails, Surge holders are first in line to be paid one dollar per token. So I don't think of it like a stablecoin peg, more of a if all else fails, there is enough liquidity to pay you at elast a dollar for your Surge, but meanwhile , while you hold it, you earn HBD.
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I assumed there would be an effort to defend the $1 range, but there isn't yet.