This seems like a top-down solution - where your blockchain is the global source of truth, like your gold standard backing other things. And then you spin up a local mutual credit system off of that ... which at some point can be collapsed back into the blockchain with a new final state (if you want to).

I'm still wondering if there's a way to build things up in the reverse. I think it would feel better somehow, but I can't see the path. Maybe we need to just start savings pools or do mutual credit....