To explain more, for e.g., we hear that the USD was backed by the convertibility of this currency to precious metals until 1971. Now, what are altcoins backed by such as Ethereum or Litecoin? Are mathematical calculations performed by ASIC miners any useful in the real world?
of course , backed by nothing, if some altcoins backed by something or some people or legal big corporation, the prices must be stable,like usd coin.that why price soo fluctuactive and always 24/7.
the logic reason, why some people want to backing some project if the shares of that project is not controlled.
that why bank try to avoid all of crypto.