xbacked

About

xBacked is a Distributed Autonomous Organization (DAO) building a suite of decentralized stablecoins on Algorand beginning with xUSD. Unlike Tether or USDC, xUSD is backed by crypto assets (similar to DAI in Ethereum).

Building a decentralized stablecoin on Algorand makes a lot of sense. It is a Pure Proof of Stake Layer 1 protocol with instant finality, 4.5s block times and is moving to a decentralized governance model by the end of 2021. Their barrier to entry for running a node is also very low compared to Layer 1s like Solana.

No other blockchain ecosystem can offer these unique properties - which means we can build something unique.

xBacked is building a decentralized, permissionless stablecoin on Algorand, fully backed by crypto assets instead of centralized assets. No central entity controls the issuance of xUSD and other tokens the xBacked protocol might build in the future. Using Collateralized Debt Positions (CDPs), the xBacked protocol ensures that all xUSD minted is backed by more than $1 in underlying collateral in the protocol.

Any other token ID or Application ID Claiming to be xBacked is a scam

X Governance Token: ​

xUSD: Not launched yet

Vault Contracts: not launched yet