unbacked

[uhn-bakt]

adjective

1. without backing or support.

2. not supported by bets.

   an unbacked challenger.

3. not endorsed.

   an unbacked product.

4. never having been mounted by a rider, as a horse.

unbacked

/ ʌnˈbækt /

adjective

1. (of a book, chair, etc) not having a back

2. bereft of support, esp on a financial basis

3. 1. not supported by bets

   2. never having been ridden

Word History and Origins

Origin of unbacked¹

First recorded in 1585–95; un- ¹ + backed

Example Sentences

The committee said "unbacked" crypto assets - typically cryptocurrencies with no fixed value - exposed "consumers to the potential for substantial gains or losses, while serving no useful social purpose".

Read more on BBC

Britain has outlined a phased approach, starting with stablecoins and broadening out to unbacked cryptoassets later on, but there is no firm timetable.

Read more on Reuters

Basel has set punitive capital charges on unbacked crypto currencies like bitcoin, and less conservative charges on stablecoins, which are backed by an asset or fiat currency.

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He added that while stablecoins, a crypto asset that attempts to peg its value to a conventional currency such as the U.S. dollar, are quite different from unbacked crytpo assets, they too require careful monitoring.

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To cover the losses, the exchange, Bitfinex, took loans from Tether’s reserves, leaving the stablecoin partly unbacked, according to Ms. James’s investigation.

Read more on New York Times

Related Words

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