Yes, we can.
Each shareholder can park some NSR and borrow some NBT, the pledge ratio is voted by shareholders in a median style(alike B&C signers vote).
Then these shareholders are decentralized liquidity providers, each controls own money, don’t need to trust anyone else. They may choose any NBT pair they like, on any platform which supports NBT, and set any spread level they like. They make living by spread trading and compete each other with better service, better pegging quality.
The pledge is short-term , such as one week, or one fortnight, when peg in danger, shareholders just vote a new ratio to close the valve or even competely shut off. So we don’t need to sell NSR at all.
Ths approach is advocated by Hayek in 1976 when discussed about how to issue a stable private currency, another approach is directly sell/buy currency on market, use the revenue/profit to buy back currency, obviously we can combine this into NBT’s official (phoenix)liquidity providing.
To sum up, we should use NSR Cap to back the NBT: park NSR get NBT, control the NBT supple by this kind of short-term lending. Let many NSR holders become decentralized LP, and if we get real revenue in future, we can buy back some NBTs and destroy them.
I believe the Nobel Prize Winner is smarter than us. Hayek’s method is much more elegent and effective.