Question regarding exogenous and endogenous stablecoins

[LordAdhaar]

Exogenous stablecoins like USDT/USDC are pegged to the dollar.
The dollar is also technically a stablecoin which was backed by the gold standard.
The gold standard was removed making the dollar now endogenous.
So exogenous stablecoins are also technically endogenous? Since they are backed by USD and USD is backed by nothing but itself?

[EngrPips]

Plot twist lol.

[EngrPips]

But then let's assume USD is still backed by Gold, so what is Gold backed by? @LordAdhaar

[LordAdhaar]

Gold is backed by the value it provides. It is used for jewellery, electronics, etc.

But USD has value becuase we believe it does. But again that is my dubious speculation, I could be totally wrong. What do you think @EngrPips ?

[EngrPips]

I think it would be better to say Gold is backed by its limited supply and the fact that you can't make Gold out of thin air like we can print money. But at a point, there will be something that is not backed by anything but its intrinsic value. So if we agree that the intrinsic value of USD is sufficient to back a Stablecoin then we have a Stablecoin at least in essence until USD proves otherwise.

[LordAdhaar]

Interesting.

There is coin called XAUT (Tether Gold). It is a stable coin backed by gold.

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