Well, in that case, I suppose it depends on the asset being collateralized, and what oracle is the input for the programmatic issuance.
If the collateral can be seized in an act of violence (as opposed to being custodied on a smart contract), and the math is unable to protect the asset, then I think it's strictly a collateral solution and not a mathematical one.
If the platform supports programmatic proportional issuance and withdrawal (vs. mint and burn), vs. market-priced collateral, then negative-feedback loop controlled inflation/deflation can be implemented...