xBacked

xBacked DAO, Makers of decentralized stable assets on Algorand. It 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.