# 1.2.3 LITHO ALGORITHMIC Stablecoin (LAX)

LAX is similar to algorithmic stablecoin protocols operating on the Ethereum blockchain. Still, unlike coins like U.S. Dollar Coin (USDC) and Tether (USDT), which are backed by audited holdings of U.S. dollars or crypto assets like PAX Gold (PAXG), LAX coin is not li to the U.S. dollar or any crypto collateral. Instead of Using crypto, fiat, or commodities as collateral, the Lithosphere protocol adjusts its LAX Crypto supply every 24 hours in operation called "rebasing" to maintain a stable price.


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