Market pricing and arbitrage pegs it, is how I understand it. It's "worth" whatever price the bid-ask spread meets at. It's exchangeable for USD to the compan

Market pricing and arbitrage pegs it, is how I understand it. It's "worth" whatever price the bid-ask spread meets at. It's exchangeable for USD to the company. As long as there isn't a bank run where they'd stop fulfilling exchanges, when the price drops below $1 anyone can arbitrage it. It reached like 95 cents earlier, anyone could've bought millions of it and got USD for it at like 6% profit. It creates buy pressure/price support as the price falls.