USD971 is a stablecoin of Unitas, which reflects the value of the United Arab Emirates’ dirham as a fraction of 1 US Dollar.
Unitas is the first over-collateralized USD exchange-rate-derived stablecoin protocol for multiple emerging market currencies. USD1, USD91, and USD971 are the first three tokens issued for the protocol’s sandbox phase.
Unitas stablecoins reflect the value of a USD stablecoin in proportion to one unit of each local currency, and are affixed with their corresponding country code, eg. USD91 for India’s rupee, USD971 for the UAE’s dirham and USD1 for the US dollar.
As USD971 reflects the value of the UAE’s dirham as a fraction of USD, this means that if USD/AED is 1:3.6, USD971 stands for 1/3.6 of USD, which roughly translates to 0.278 USD.
The real rates will be reflected timely by the Unitas price oracle.
On XREX crypto-fiat exchange, you can trade and swap the eight pairs with Unitas stablecoins as below: