I find it hard to imagine how this is going to work.
There is going to be a joint project involving 30 odd companies and somehow they have to keep the peg of this stablecoin perfectly to USD - all without a central party? It doesn't make any sense. There has to be some sort of central point here or there that is not mentioned.
It doesn't sound that intriguing, tbh. It might even be that they're just using Libra's name to create another reincarnation of the same old stablecoin.
I would however think the partners of Libra might just also join this fork if they get benefits through this fork. Making it popular will be difficult for them though, its facebook userbase is just too important factor for the partners.
The team behind Openlibra got funds from their investors to which this isn't the first project they propose. The issue that SEC could initiate for this project to be stopped will be another Gram situation because they got their fundings thru the Wireline proposal.