All funds are controlled by the users and his non-custodial wallet that deposit them. The Mimo Protocol does not have control over your funds or PAR debt and are governed by smart contracts.
As we add more features, we will get those audited as well. Please note that many auditing firms have a waitlist at the moment.
PAR's value is backed by overcollateralized vaults of accepted tokens. This means that all PAR is always backed by more value than it is worth, unlike under-collateralized algorithmic stable. The Mimo Protocol does not rely on an algorithm to manage the stablecoin’s peg. The peg is maintained through organic market incentives and penalties. Read more about how the peg is maintained here.