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xBacked DAO is developing a crypto-backed stablecoin on the Algorand blockchain.
Based in the US, xBacked DAO is developing a decentralized, permissionless stablecoin on Algorand backed by crypto assets. Its stablecoin is called xUSD. In January 2022, it raised USD 1.5 million in seed funding from Bordless Capital, Delphi Digital and Mechanism Capital.
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