Liquid from Blockstream is actually doing what you're describing, but as fairly and openly is possible. The company itself doesn't have any operating nodes (JPMorgan has), Liquid is open source (https://github.com/Blockstream/liquid) and public, just the operating nodes are selected in a controlled, centralized, but geographically distributed way.

Another difference is that Liquid allows 2-way pegging to BTC, but allows other (for example fiat based) tokens to issued as well (but not part of Blockstream's business model), and the transaction types and values are encrypted.