Who creates the value of Saver Tokens?

Token holders create the value of the tokens. Until they are purchased the tokens have no value. People give the tokens value when they buy. In this way Saver Tokens function as a currency like Bitcoin or US dollars. Currencies do not hold underlying assets. People give them value by using them.

While not widely understood monetary value can only be created by people. For example:

• France 1789 – people refuse to receive payment in assignats, the legal tender of the revolutionary government - even on pain of death.
• Germany 1922 – people give and maintain the value of government issued Gold Loan Bonds even though the notes have no more backing than the hyper-inflating mark.