I've read that SBD is supposed to be pegged to the dollar, which it obviously is not anymore. Does anyone know what mechanisms that pegs it to the dollar, and why?

I've been asking that same question for months. I think that for now the only thing that keeps it linked to the dollar is the belief on the part of those who trade it in the market that that should be its value, because that's what they told us, but the truth is, I do not know how they link their value to the dollar.