I joke with my customers constantly when they use large bills about getting them fresh off the printer, and that it wouldn't even matter if they had printed them. They're worth less than the paper and plastic they're printed on.
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Well, in a sense, the same thing that sustains crypto, sustains fiat, we all agree to play the game.
This is true. Crypto is essentially fiat currency, as it's not a receipt for a tangible asset. However, given its structure, it is far and away a better exchange instrument than government fiat could ever be.
Decentralization was part of the original model for the reserve system too, but it ended up being invested in one central bank instead of a multiplicity of banks in a top tier.