It doesnt work.

If you invest 1$, you will pay fees and gas for it. If you try to redeem you will pay fees and gas for another two coins. (Even if they are pegged)

If you redeem those tho coins you pay fees.

Furthermore USDC aren't $s (and are backed by a company that is loosing value) and deus aren't dollars.

Only the issuer and exchanges gain via fees and emissions.

Now conversion without fees or gas is 0.5 to 1.