I am more interested and curious on the implication of Fantom being backed by a central bank.
What happens to the independence of Fantom when it is the powerful central bank that is at its backbone? The central bank itself is not independent from the powerful control, authority, and manipulation of the government.
What is the degree of this backing? Is it only limited to approved or under regulation by the central bank?
I used the word backing but I think that might not be the best word to use. Fact is Fantom is Consensus as a service. Completely open source and decentralized. A client however can choose to use the consensus as they wish and that means they can make it more centralized and run their nodes. Each implementation in that sense is seperate and runs on a different chain. XAR network is simply using Fantoms consensus to run a fiat Collaterized stablecoin. This is not some pilot scheme btw. It will be used by at least two of the top South African banks probably for their users to send fiat in an app kind of like say Venmo works.
Fantom has only launched its mainnet a week ago. The fact that it's already getting this kind of real usage is a testament to the quality of the tech. Its important to know Fantom is interobile and runs on erc20, binance chain and the native mainnet. Fantom created the bridge that Binance now uses.