The peg defender is a state of the art system that is designed to maintain the price of EUSD at exactly $1 ($1.00 to $1.01).
The peg defender is designed to psychologically keep the project stable. Seignorage protocols tend to fall when the price of their pegged token shows a downward swing. When it falls below peg, the boardroom also tends to stop minting. This further causes panic as the project now serves almost no value to its investors. Thus keeping the pegged coin as stable as possible helps keep the project in a stable state.