What is "east caribbean dollar"

The East Caribbean dollar ( symbol: $; code: XCD) is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States. It has existed since 1965, being the successor to the British West Indies dollar, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies. The EC$ is subdivided into 100 cents. It has been pegged to the United States dollar since July 7, 1976, and the exchange rate is US$1 = EC$2.70.