The trick to creating another system of tokens on Hive is the liquidity pool between Hive and the token. ETH accomplishes this with atomic swaps that are confirmed directly on chain. HE accomplishes this with a single permissioned entity that controls all the wrapped/unwrapped Hive (whether multisig or not).
I have an idea to solve this problem in another way but much bigger fish on Hive like the SPEAK network are working on their own solution as well that may be a lot better than my clunky version.