The United States dollar, the sovereign fiat currency issued by the United States Federal Reserve, serving as the world’s primary reserve currency and the dominant unit of account against which digital assets, stablecoins, commodities, and international trade flows are quoted and settled.
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- USD is the standard three-letter code for the United States dollar. In digital asset markets it serves as the primary quote currency and unit of account, with most trading pairs and price references denominated in dollars or in dollar-pegged tokens.
- Fiat-backed stablecoins such as USDC and USDT exist to represent claims on US dollar value on public ledgers. The dollar therefore acts as the off-chain reserve asset that anchors a large share of on-chain settlement, lending collateral, and exchange liquidity.