Correct. Not happy with loss of peg as well or how dpos consensus was originally designed by Hive account@dan, but essentially everything is decided by holders and the stake they have. They had to protect themselves and the blockchain from mechanics that will eventually make them lose their stake through bear markets we seen in 2019.

You can read more on their decision/approval causing current/temporary loss of PEG on BitCNY and BitUSD here -> https://github.com/bitshares/bsips/issues/221

If you're true stablecoin and free-market lover, and you can't wait for recovery of bitassets - alternatives are already there issued by community who is still driven by passion, with reputable price-feed publishers providing peg 1:1 set in stone. Backed/issued by 160% of BTS core token in collateral, which is middle between original design and design of DAI.

1 honest.USD = 39.55321 BTS
1 honest.CNY = 5.70203 BTS

Chee®s