Fiat currencies refer to printed banknotes or minted coins in the present day. These currencies are issued, regulated, and backed by state institutions or governments. Unlike commodities such as gold and silver, fiat currencies do not have production limitations and can be produced in unlimited quantities. As a result, there is a risk that the value of fiat currencies may be undermined by hyperinflation, which occurs when excessive amounts of currency are printed by the issuing government or institution. Examples of fiat currencies include the US Dollar, Euro, and Chinese Yuan.