Questions tagged [backed]

Leonardo Fri Feb 14 2025 | 7 answers 1495

I heard that China has its own government-backed cryptocurrency. I'm curious to know more about it. What is this cryptocurrency called and how does it work? Is it similar to other cryptocurrencies like Bitcoin or Ethereum?

Eleonora Sun Nov 24 2024 | 5 answers 1009

I want to understand what 'stacks backed bitcoin' is. I'm looking for an explanation of this concept, possibly including how it works and its significance in the cryptocurrency world.

Alessandra Wed Nov 20 2024 | 5 answers 768

The US dollar backed cryptocurrency, commonly known as a stablecoin, is a digital asset pegged to the value of the USD. It aims to provide stability and reduce volatility compared to other cryptocurrencies. One example is USDT, issued by Tether, which maintains a 1:1 ratio with the US dollar and is used for global payments and cross-border transactions.

Michele Sun Nov 17 2024 | 6 answers 1312

The U.S. dollar backed cryptocurrency is a digital asset that is fully supported by U.S. dollar reserves. One such example is USD Coin (USDC), where each token is pegged to the value of one U.S. dollar, providing stability and allowing it to be used as a hedge against volatility in other cryptocurrencies.

KatanaGlory Wed Nov 06 2024 | 7 answers 2072

The user wants to know about the government-backed cryptocurrency in China, specifically seeking information on whether such a currency exists, its name, and possibly its purpose or how it is used.