Fiat-referenced Virtual Asset

The term fiat–reference virtual asset was coined by the Virtual Assets Regulatory Authority (VARA) of Dubai. 

Similar to a stablecoin, a fiat–reference virtual asset is an asset pegged to 1 or more fiat currencies to maintain a stable value. 

It can be digitally traded but does not have a legal tender status. It cannot be issued but can function as a medium of exchange, a unit of account and a store of value.