Description
xBacked is a Decentralised Autonomous Organisation (DAO) building a decentralised, permissionless stablecoin, xUSD, on the Algorand blockchain. The project aims to provide a way for users to engage with cryptocurrency without the associated volatility. Unlike fiat-backed stablecoins, xUSD is over-collateralized and backed by a variety of digital assets such as ALGO, goETH, and goBTC. Users can mint xUSD by depositing collateral into a vault, which must maintain a minimum collateral ratio of 110% to avoid partial liquidation. The protocol uses isolated risk markets to manage the introduction of new collateral types safely. xBacked has formed strategic partnerships with projects like Pact, Folks, Algomint, AlgoDAO, and Prismatic, and is supported by investors including Meld Ventures, Borderless Capital, Arrington Capital, Delphi Digital, and Mechanism Capital. The organization is progressing towards a full DAO governance model, with a future governance token planned to facilitate platform governance and staking.