The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, US dollar or American dollar) is the official currency of the United States and its overseas territories. It is a Federal Reserve Note and consists of 100 smaller cent units. The U.S. dollar is fiat money. It is the currency most used in international transactions and is the world’s most dominant reserve currency. Several countries use it as their official currency, and in many others it is the de facto currency. Besides the United States, it is also used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and the Turks and Caicos islands. Some cities around the world use the U.S. Dollar as the de facto currency alongside its own.