Is EOSDT a synthetic asset?

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I noticed that your coin is backed by EOS (and/or BTC). In this way, it is somewhat different from dollar-based stablecoins in Ethereum. From my understanding, coins like $USDT and $USDC are actually backed by dollar reserves. What happens if the price of $EOS collapses? Sounds more like what Synthetix is doing in Ethereum.

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