In short Asset Backed Currency is currency (paper) whose value is based upon the assigned value by the country issuing the paper based upon the sovereign assets which the country owns.
The assets that could be used could be anything of market value. History had the United States currency before Roosevelt and then Nixon backed by gold. In fact, up and until Roosevelt ceased the process of owning gold and confiscated all the gold from US citizens you could take your paper money and go to any bank and exchange it for gold.
The current words of asset backed currency could be interchanged with words like sovereign currency, sound money, or anything else that defines the money to be issued backed by asset value.
As we move through the world restructure each country will issue their own currency. You may say well they do that now and your would be correct. However, the difference between today and what will be is that this currency issued by each country will not only be used in-country, as is the case today, but also as international currency. This means that every country can use their own currency in any other country to buy and sell products goods and services.
Today the world uses two currencies. One currency, except Europe and they use the EURO, for in country usage of its citizens and a separate currency used for the settling between countries on international trade. Currently the currency used to settle all international trade is the US Petro Dollar.
This means that in the US we have two currencies. One that the US citizens use " The Federal Reserve Note" and one that is used to settle all trade transactions between the US and any other country "The Petro Dollar".
So in order to move into the ability for the world to issue their own currency and use it for domestic (in-country) and international use all countries must come off the usage of the Petro Dollar first.
The City of London with its Central Banks made the US Petro Dollar the settlement of all international trade. This allowed the police state (The United States in the three legged stool group) to sanction countries usages of the Petro Dollar. In doing so, the accounts holding Petro Dollars were under the control of the US becasue it was their currency.
So before the Petro Dollar can be removed from usage the Central Banks must be either removed or they have to convert over to allowing all countries to utilize their sovereign currency in settlement of trade transactions.
Settlement of international trade transactions are done through the Bank of International Settlements (BIS).
Value in country for all currencies will be the face value of the currency that is held by the citizen of that country. In other words, in the United States if you have one dollar it will be worth one dollar within the United States. This same dollar will change value based upon the exchange rates between each country as determined from above.