Off-Ledger Currency

It is a currency that has been created outside the specific blockchain ledger but it is accepted as well as used. The Off-Ledger Currency is not developed specifically for a blockchain and is used owing to its utility and wide acceptance. Fiat money like the United States Dollar (USD) is an example of an off-ledger currency as it is issued by the central banks outside the blockchain networks. Another example is the fiat-based stablecoins.