Is that what Tether is doing?

Can a currency like Tether be made with the waves platform?

Does an asset like that even exist?

So if we peg the asset to something like gold or silver, we wouldn't have it decentralized. But what if we then forego the decentralized route, would it even be sustainable?

You understood my idea perfectly.
But is it even possible to let such a currency be decentralized?

I have had this idea about a new currency that is based on a physical thing, just like Tether is based on the US Dollar.

The currency I'm playing around with has to update itself and not be affected by the market (Cryptocurrency market).
The currency would only drop or increase in value if the physical thing decreases or increases in value.
Is this possible?