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A comment on Terra Luna crash: CTO of Tether welcomes fair regulation of stablecoin market. Parent comment

Re:Terra Luna crash: CTO of Tether welcomes fair regulation ... by arbitrage on Wednesday June 15, 2022 @09:28AM (#31752572)
You're close. Fiat money has value when it's backed by something. The US$ is backed by the US government. It's still fiat money.
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Re:Terra Luna crash: CTO of Tether welcomes fair regulation ... by olalonde on Wednesday June 15, 2022 @09:56AM (#31752940)
It is "backed" as in endorsed, or supported, by the US government. In the same sense that Bitcoin is "backed" by its many worldwide supporters and miners. It is not "backed" in the traditional meaning of being redeemable for something else at a fixed rate ("backed by gold", "backed by silver", etc.).
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