Money decreed to be "legal tender" for the payment of debts is money backed by:

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The phrase "legal tender" means that money is recognized by the government as a valid means for settling debts. This recognition is supported by the government's creditworthiness, which gives people confidence that the money will retain its value over time. While precious metals and commodities have historically been used as forms of money, they are not necessary to create legal tender. Similarly, while gold and silver have often been used as backing for currency, this is no longer the case in most countries.

Money Decreed to Be "Legal Tender" for the Payment of Debts