Commonly referred to as a stablecoin. A type of crypto asset designed and promoted to maintain a stable value relative to the value of a fiat currency, commodity, or other cryptocurrencies. Some claim to be backed by a reserve of an applicable asset (such as the U.S. dollar or gold), though such claims are not always verifiable. The Canadian Securities Administrators use the term VRCA because the term “stablecoin” may be misleading as this type of asset can experience volatility. A VRCA is subject to various risks and is different from fiat currency.