Sort of. Steem SBD was partially copied from BitShares MPAs, but they tried to make it a simplified version with no direct user initiated issuance. In doing this they removed the price ceiling, which is why SBD fluctuates so widely above $1. Now so many Steem users get excited about speculating on the price of SBD that fixing the peg system for it is pretty controversial.

BitShares MPAs work much better than SBD for stability because they can be issued on-demand by anyone willing to lock up BTS as collateral.