Like how Tether is presumably backed by the dollar, like the dollar was presumably backed by gold, 'belief' is turtles all the way down.
Starting from Wed, 24 May 2023 07:10:25 GMT, each year you just add "(" to the beginning and ") + 21%" to the end of the formula to get the price.
In year one 1 €ddie$ is priced at (21 EUR + 21 USD)* 1 + 21% VAT + 21% INFLATION. Each year this formula goes up with + 21%, just like the rings on a tree it keeps growing annually.
One year after the first €ddie$ is created the price is now ((21 EUR + 21 USD)* 1 + 21% + 21%) + 21%.
Two years after the first €ddie$ is created the price is now (((21 EUR + 21 USD)* 1 + 21% + 21%) + 21%) + 21% etc.
€ddie$ price increase is a reaction to currency inflation, €ddie$ are deflationary by nature.
€ddie$ can also be use to pay people for their time, 60 €$ is one hour.