Just happened to read about this the other day.  It is not out yet but I think the white paper comes out Tuesday and it more or less is exactly as you describe.

I strongly agree that it wouldn't be better than bitcoin but it could certainly be better than most actual central currencies because you know the rules going in.

Edit: Forgot the link  https://www.coindesk.com/basecoin-revealed-a16z-metastable-seek-crypto-holy-grail-stable-token/