Fiat

How it is used

Used constantly on exchanges and in the news: fiat currency, fiat deposit, fiat withdrawal, fiat on-ramp (a service that turns fiat into crypto) and off-ramp (the way back). Many stablecoins are described as fiat-backed because they hold reserves in fiat and similar assets.

Example sentences

1. The exchange added a fiat on-ramp, so users can now buy crypto directly with Turkish lira.

2. Most of this week's support tickets are about fiat withdrawals that have not arrived yet.

Common collocations

• fiat currency
• fiat deposit
• fiat withdrawal
• fiat on-ramp
• fiat-backed stablecoin

Related terms

• stablecoinA crypto token designed to keep a steady price, usually one US dollar, backed by cash and bonds, by other crypto or by an algorithm. It is used for payments, trading and moving money between platforms.
• exchangeA platform where people buy, sell and swap cryptocurrencies, either for other crypto or for traditional money. Some are run by a company, and some work entirely through smart contracts.
• centralized exchangeA crypto exchange run by a company that holds customers' funds, matches buy and sell orders on its own system and usually checks users' identities. Often shortened to CEX.
• trading pairTwo assets that can be traded directly against each other on an exchange, such as ETH/BTC. The price shows how much of the second asset you need for one unit of the first.
• KYCShort for know your customer: the checks a regulated company carries out to confirm who its customers are, usually by collecting an ID document, a selfie and an address.

More terms: Exchanges & Trading

• market cap
• order book
• volatility
• liquidity
• spot trading
• leverage
• liquidation
• slippage