Is RAM still owned by Fiat?

Excuse me, could you clarify something for me? I've read this paragraph, and it seems to suggest that RAM is somehow connected to Fiat. But isn't RAM a type of cryptocurrency? And Fiat, I thought, refers to traditional currencies backed by governments. So, am I understanding this correctly? Is RAM still owned or controlled by Fiat in some way? Or is there another interpretation of this paragraph that I'm missing? I'm really trying to wrap my head around this concept, so your explanation would be greatly appreciated.