Subjecting stablecoins to the duck test

Stablecoins are backed by something, right? There’s some asset which stands behind them and makes them akin to a national currency, which is backed by gold bars in a vault somewhere, right?

Stablecoins are backed by something, right? There’s some asset which stands behind them and makes them akin to a national currency, which is backed by gold bars in a vault somewhere, right?
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