Interesting question. So even now we're at a point where many witnesses would still like a mechanism to push the value down to 1 USD faster (see posts about reverse conversion, will dig up a link when I get a chance), but for now, there is no quick mechanisms that will manipulate the supply quickly to reduce the price (and people aren't sure this is a smart idea either since they are backed by steem's market cap with the conversion mechanism).
What do you mean by devaluing? (Steem being stable and high still means the rate of SBD printing is maintained)
By printing (pushing more coins into circulation) extra SBD coins you are devaluing SBD. See my post on what SBD would have been if there was no printing of SBD coins since what I call the First Cycle here - Section on Effect of Increase In Circulation Supply. If there was no printing of SBD coins the price would have been close to US$40 but we have seen a > 1000% increase in coins in circulation which means SBD is being devalued.
There might be different terminology if it is intended to go down to US$1 but for all intents and purposes it is being devalued.
If you take into account that SBD was always intended to be US$1 then it is my opinion that they will make it go back to US$1 irrespective of what Steem does.
Ah okay I see your point. So that print rate is solely controlled by the witness feed price, which in normal operation is just the USD market price. They could choose to tweak it to make it higher, but they seem very unwilling to do so (unintentional consequences in a bear market, etc). So it is still married with steem price in a sense. But even this mechanism is slow and not effective at pushing prices down to 1 USD. And no other options really exist at the moment.