Do Voucher Currencies have counterparty risk?

Voucher Currency Questions

Solutions claiming to be fiat or asset backed tokens require the acceptor to trust the issuing entity. Belief needs to be maintained that the monies claiming to be held on deposit are in fact there.

In the instance of US dollar backed stablecoins for example, the claim is that for each coin there is an equivalent US dollar held on account to back that specific stablecoin.

Each Retailer in the Vow ecosystem backs the Voucher Currency they have issued with a Vow to accept it back as a discount against their goods and services at a fixed value.