People say that it might be possible with a SchellingCoin like approach, I see too many issues with this approach.
I personally believe we'll end up with DPOS [1] based DACs, all with bitUSD/EUR/YEN/RMB/etc with cross-chain trading. Each DAC will have core code specialized for one or two specific tasks (e.g. distributed domain name system, distributed naming system, commons based IP/patent system, lotteries, notary systems, share issuing (most likely in a general Ethereum-like chain), distributed supercomputing and file storage, etc.
Ethereum's turing completeness will likely become standard in all DACs at some point (commoditized).
Open Transactions [2] will facilitate HFT and non=legal but financially binding cross-border contracts.
Do you mean assets that are pegged to real world currencies? Is that possible with a Bitcoin-based currency?