No, there is nothing backing the Kong token. See section 4 in the paper for more of a discussion on the token issuance. We considered various stablecoin constr

No, there is nothing backing the Kong token. See section 4 in the paper for more of a discussion on the token issuance. We considered various stablecoin constructions, but most of them effectively pin to fiat which (1) seems to defeat the original intent of cryptocurrencies (i.e. think back to 2009) as not subject to the whims of central banks and (2) seems to just duplicate fiat currencies in a more expensive format. Likewise we are doubtful that most folks holding BTC/ETH/etc. would actually be willing to spend it on something, vs. just continue to hodl in a cooler format.