Fiat money started out in another way: it started out as a "proof of holding gold or silver" or was "backed" in some or other way. But now, fiat money stands on itself, as a state-issued token, printed on paper, or even just acknowledged in a computer account.
You are forced to pay taxes in fiat. USA (and other countries) have a powerful army they use to back fiat. States offers financial titles and other stuff. Fiat is backed by many ways.
My point is that a monetary asset is just an asset of which enough people think it is a monetary item. How that collective belief is established, is in fact somewhat irrelevant.
This is problematic, as you are merely creating a ponzi scheme.