Glossary
103 acronyms and terms used across Crypency, each with a plain-language explanation and a primary source where one applies. Suggest additions via the for-companies contact forms.
103 terms
Automated Clearing House
The US network for batch bank transfers such as payroll, bill payments and supplier payments.
ACH moves money between US bank accounts in batches rather than one by one, which keeps it cheap but means it settles on a schedule instead of instantly. It handles direct deposits, recurring bills and many business-to-business payments. Payments can be returned for some time after they are sent, which matters when comparing it with final, on-chain transfers.
Autorité de contrôle prudentiel et de résolution
France's banking and insurance supervisor, part of the Banque de France.
The ACPR authorizes and supervises banks, insurers and payment and e-money institutions in France. Under MiCA it is the French authority for e-money institutions that issue e-money tokens. For a significant e-money token issued by a French institution, it shares supervision with the EBA. Companies working with a French-licensed issuer will see the ACPR named in that issuer's disclosures.
Source: ACPR (Banque de France)
Anti-money laundering
Rules and controls that stop criminals from moving or hiding illicit money through a business.
AML covers customer checks, transaction monitoring, record keeping and reporting suspicious activity to authorities. Exchanges, custodians, stablecoin issuers and most crypto service providers have AML obligations in the US, the EU and other major markets. A weak AML programme is one of the most common reasons regulators refuse or withdraw a licence.
Related: KYC, KYT, CFT, FATF, Travel Rule, FinCEN
Source: FATF Recommendations
Advance notice of proposed rulemaking
An early US agency notice that asks for public input before any rule text is proposed.
An ANPRM signals that an agency is thinking about a rule and wants comments on questions or options. It has no legal force and creates no obligations. If the agency goes ahead, the next step is usually a proposed rule (NPRM) with actual rule text, followed by a final rule.
Source: Federal Register: understanding the Federal Register
Application programming interface
A defined way for one software system to request data or actions from another.
Banks, payment providers, custodians and exchanges expose APIs so that companies can automate payments, balances and reporting instead of using a web portal. When comparing providers, the quality and coverage of the API often decides how much manual work a finance or operations team will carry.
Asset-referenced token
A MiCA category of token that keeps a stable value by referencing other assets or currencies.
Under MiCA, an asset-referenced token aims to hold a stable value by referencing another value or right, or a combination, such as a basket of currencies or commodities. A token that references just one official currency is an e-money token (EMT) instead. Issuers of ARTs need authorization in the EU and must publish an approved white paper.
Assets under management
The total market value of assets a fund or manager oversees for clients.
AUM is a common size measure for funds, tokenized funds and asset managers. Definitions vary: some firms count only one fund, others count everything on a platform. When comparing figures, check what is included and the date the figure refers to.
Business-to-business
Transactions or services between companies rather than with consumers.
B2B payments such as supplier invoices, treasury transfers and cross-border settlement have different needs from consumer payments: larger amounts, richer remittance data and stricter compliance. Many stablecoin and tokenized-deposit pilots target B2B flows first.
Bank for International Settlements
The Basel-based organization owned by central banks that supports cooperation among them.
The BIS acts as a bank for central banks and hosts committees that set international standards for payments and banking supervision. Its Innovation Hub runs experiments on CBDCs, tokenization and cross-border payments. BIS reports are widely cited as a reference on how central banks view stablecoins and digital money.
Bank of England
The UK's central bank, responsible for monetary policy and financial stability.
The Bank of England sets UK interest rates, runs the main UK settlement system and supervises systemic payment firms. It is assessing a possible digital pound with HM Treasury, and no decision to introduce one has been made. It also plans a regime for stablecoins used widely for payments in the UK.
Bitcoin (ticker symbol)
The ticker symbol for bitcoin, the native asset of the Bitcoin network.
BTC is how exchanges, funds and price data label bitcoin. Bitcoin is not a liability of any issuer, so its value depends only on market demand. Companies that hold or accept BTC take on price risk and need custody, accounting and tax processes for it.
Source: Bitcoin white paper
BlackRock USD Institutional Digital Liquidity Fund
BlackRock's tokenized fund investing in cash and short-term US Treasuries, issued via Securitize.
BUIDL is a tokenized fund whose shares are recorded on public blockchains. It is offered to qualified institutional investors, with Securitize acting as transfer agent and tokenization platform. It is often used as reserve or collateral in other on-chain products. It is a fund share, not a stablecoin.
Related: RWA, AUM, FOBXX, OUSG
Source: Securitize: BlackRock BUIDL
Crypto-asset service provider
A firm authorized under MiCA to offer crypto services such as custody or trading in the EU.
MiCA requires firms that provide crypto-asset services in the EU, such as custody, running a trading platform, exchange, transfers or advice, to be authorized as a CASP. Authorization in one member state can be passported across the EU. ESMA keeps a register of authorized CASPs that partners can check.
Related: MiCA, ESMA, VASP, EMT
Source: ESMA: MiCA interim register
Central bank digital currency
Digital money issued directly by a central bank, for the public (retail) or for banks (wholesale).
A CBDC is a direct claim on a central bank, unlike a bank deposit (a claim on a commercial bank) or a stablecoin (a claim on a private issuer). A retail CBDC works like digital cash for the public, and a wholesale CBDC is used by banks to settle with each other. Central banks are at very different stages, from launched to paused, so check each one's own status page.
Related: RTGS, EMT, BIS, ECB, FedNow
Source: BIS Innovation Hub: CBDC
California Consumer Privacy Act
California law giving residents rights to know, delete and opt out of the sale of their personal information.
The CCPA, as amended by the California Privacy Rights Act (CPRA), gives California residents rights over personal information businesses collect about them, including the right to know, correct and delete it and to opt out of its sale or sharing. It applies to businesses that meet certain size or data thresholds.
Centralized exchange
A crypto trading platform run by a company that holds customers' assets and matches their orders.
On a centralized exchange, the operator keeps customer funds and runs the order book, much like a broker. That gives familiar account features and customer support, but users rely on the operator's solvency and controls. In the EU a CEX generally needs CASP authorization, and in the US it may face state and federal licensing.
Code of Federal Regulations
The official compilation of US federal agency rules, organized by title and part.
When a US agency finalizes a rule, it is codified in the CFR, for example 17 CFR for securities and commodities rules. A citation such as 17 CFR 270.2a-7 points to a specific rule. The online eCFR shows the current text.
Source: eCFR
Countering the financing of terrorism
Controls that stop money from reaching terrorist groups, usually paired with AML as AML/CFT.
CFT obligations sit alongside anti-money-laundering rules: sanctions screening, monitoring and reporting. Regulators usually assess them together as an AML/CFT programme. Crypto firms are expected to screen wallet addresses as well as customers.
Related: AML, KYC, FATF, Travel Rule
Source: FATF Recommendations
Commodity Futures Trading Commission
The US regulator of futures, swaps and other derivatives markets.
The CFTC oversees derivatives on commodities, and it treats bitcoin and some other crypto assets as commodities. It regulates crypto futures and can act against fraud in spot commodity markets. Its role in spot crypto markets is a central issue in US market-structure legislation.
Related: SEC, CLARITY Act, ANPRM
Source: CFTC
Digital Asset Market Clarity Act
A US bill on crypto market structure. It passed the House but is not law.
The CLARITY Act (H.R. 3633 in the 119th Congress) would divide oversight of crypto markets between the SEC and the CFTC and set registration paths for exchanges, brokers and dealers. It passed the House of Representatives but has not been enacted. Until a bill becomes law, existing securities and commodities rules continue to apply.
Related: SEC, CFTC, GENIUS Act
Source: Congress.gov: H.R. 3633
Congressional Research Service
The research agency of the US Congress, which publishes nonpartisan reports on policy issues.
CRS reports explain legislation and policy for members of Congress and are a useful plain-language starting point on US crypto and payments law. They are background analysis, not law or agency guidance.
Related: GENIUS Act, CLARITY Act
Source: Congress.gov: CRS products
Decentralized autonomous organization
A group that coordinates decisions, often over a protocol or treasury, through on-chain voting.
In a DAO, members usually vote with tokens, and smart contracts carry out some decisions. The legal status of a DAO varies by country, and members may face liability if it has no legal wrapper. Companies dealing with a DAO should identify who can actually sign agreements and control funds.
Related: DeFi
Decentralized finance
Financial services such as lending and trading run by smart contracts instead of intermediaries.
DeFi protocols let users trade, lend, borrow or earn yield directly from a wallet. Risks include smart-contract bugs, governance attacks and unclear legal responsibility. Rules such as MiCA largely exclude fully decentralized services, but firms that provide front ends or custody can still be regulated.
Decentralized exchange
A trading venue run by smart contracts where users swap tokens straight from their own wallets.
A DEX does not hold customer funds or keep accounts. Trades settle on-chain, often against pools of tokens supplied by other users. That removes custody risk with an operator but adds smart-contract and price-impact risk, and there is usually no customer support or recovery if something goes wrong.
Distributed ledger technology
A shared record kept in sync across many computers, of which blockchains are the best-known kind.
DLT lets several parties share one record of who owns what, without a single central database. Public blockchains are open to anyone, and permissioned ledgers limit who can take part. The EU's DLT Pilot Regime lets market infrastructures test DLT for trading and settling securities.
De Nederlandsche Bank
The central bank and prudential supervisor of the Netherlands.
DNB supervises Dutch banks, payment institutions and e-money institutions. That includes e-money institutions that issue euro e-money tokens under MiCA. It also registered crypto service providers before MiCA applied.
Source: De Nederlandsche Bank
Digital Operational Resilience Act
The EU regulation on ICT risk, incident reporting and third-party technology risk in finance.
DORA (Regulation (EU) 2022/2554) applies to most EU financial firms, including CASPs and e-money token issuers. It requires ICT risk management, incident reporting, resilience testing and oversight of key technology vendors. Firms applying for MiCA authorization are expected to show they are ready for DORA.
Depository Trust & Clearing Corporation
The main US clearing and settlement infrastructure for securities.
DTCC's subsidiaries clear and settle most US stock and bond trades and hold securities in central custody. It is a core financial market infrastructure and is testing tokenization and digital collateral. Changes it makes affect brokers and banks across US markets.
Source: DTCC
Delivery versus payment
A settlement method where an asset and its payment move together, or neither moves.
Delivery versus payment removes the risk that one side delivers while the other fails to pay. In traditional markets it is run by clearing and settlement systems. Tokenization projects aim to do it atomically on a ledger, which requires the cash leg to be on-chain too, for example as a stablecoin, tokenized deposit or wholesale CBDC.
Digital renminbi
China's retail central bank digital currency, issued by the People's Bank of China.
The e-CNY is a digital form of China's currency issued by the PBOC and distributed through commercial banks and payment apps. It is in pilot use in selected areas. It is one of the largest retail CBDC pilots and a reference point in CBDC debates.
Source: People's Bank of China
Digital rupee
India's central bank digital currency, issued by the Reserve Bank of India in pilots.
The RBI runs wholesale (e₹-W) and retail (e₹-R) digital rupee pilots. The wholesale pilot started with settlement of government securities trades, and the retail pilot works through participating banks' wallets.
European Banking Authority
The EU agency that sets banking rules and, under MiCA, directly supervises significant stablecoins.
The EBA writes technical standards for banking and payments across the EU. Under MiCA it directly supervises issuers of significant asset-referenced tokens and shares supervision of significant e-money tokens with national authorities. Its classification decisions matter to anyone using a major euro or dollar stablecoin in the EU.
Source: European Banking Authority
European Central Bank
The central bank for the euro area, which is preparing a possible digital euro.
The ECB sets monetary policy for the euro and oversees euro payment systems such as T2. It is preparing for a possible digital euro, which depends on EU lawmakers adopting the digital euro regulation. It also experiments with settling DLT transactions in central-bank money.
Source: ECB: digital euro
Emerging markets
Developing economies, where stablecoins often serve as a way to hold or send dollars.
In many emerging markets, people and firms use dollar stablecoins to protect savings from inflation, pay suppliers abroad or receive remittances. Local rules on foreign currency and crypto vary widely, so products that work in one country can be restricted in the next.
Electronic money institution
A licensed EU firm allowed to issue electronic money, and under MiCA, e-money tokens.
EMIs are authorized under the EU E-Money Directive to issue e-money and offer payment services. Under MiCA, only a credit institution or an EMI may issue an e-money token. An EMI licence from one member state can be passported to others.
E-money token
A MiCA category of crypto-asset that references one official currency, such as a euro stablecoin.
Under MiCA, a token that aims to keep a stable value by referencing a single official currency is an e-money token. Only banks and e-money institutions may issue them, holders have a right to redeem at par, and issuers may not pay interest. Most dollar and euro stablecoins used in the EU fall into this category.
Executive order
A directive from the US President to federal agencies. It is not a statute passed by Congress.
Executive orders tell federal agencies how to act within the law and are published in the Federal Register. A later president can change or revoke them. Executive Order 14178 (January 2025) set US digital-asset policy and bars federal agencies from establishing, issuing or promoting a CBDC, except as required by law.
European Securities and Markets Authority
The EU securities markets authority, which coordinates MiCA rules and keeps the CASP register.
ESMA writes technical standards and guidance under MiCA, works for consistent supervision across member states and publishes registers of authorized CASPs and white papers. National authorities still grant most licences. ESMA statements are often the first sign of how MiCA will be read in practice.
Source: ESMA: MiCA
Exchange-traded fund
A fund whose shares trade on a stock exchange, such as a spot bitcoin ETF.
An ETF holds assets and issues shares that trade on an exchange like a stock. Spot bitcoin and ether ETFs let investors get price exposure through a normal brokerage account without holding the crypto. The fund holds the asset through a custodian, and investors own fund shares, not the crypto itself.
Ether
The native asset of the Ethereum network, used to pay transaction fees and for staking.
ETH pays for transactions and smart-contract execution on Ethereum, and validators stake it to secure the network. Like BTC, it is not a liability of any issuer, so its price can move sharply. Many stablecoins and tokenized assets run on Ethereum or its Layer 2 networks.
Source: ethereum.org: What is ether?
Ethereum Virtual Machine
The execution environment that runs smart contracts on Ethereum and compatible chains.
The EVM is the software environment that executes smart-contract code on Ethereum. Many other blockchains, public and permissioned, are EVM-compatible, so the same contracts and tools work on them. Swift's shared ledger, for example, uses an EVM-compatible architecture based on Hyperledger Besu.
Euro Coin
Circle's euro stablecoin, issued as an e-money token under MiCA.
EURC is a euro-referenced stablecoin issued by Circle and backed by euro reserves. In the EU it is issued as an e-money token by Circle's French e-money institution. It is one of the larger euro stablecoins and is used for euro settlement on public blockchains.
Source: Circle: EURC
Financial Action Task Force
The global standard-setter for anti-money-laundering rules, including those for crypto firms.
FATF sets the AML/CFT recommendations that countries write into law and reviews how well they apply them. Its standards cover virtual asset service providers (VASPs), including the Travel Rule. A country's FATF rating can affect how easily its firms bank internationally.
Related: AML, CFT, VASP, Travel Rule
Source: FATF: virtual assets
Financial Conduct Authority
The UK conduct regulator, which registers crypto firms for AML and is building a full crypto regime.
Crypto firms serving UK customers must register with the FCA for anti-money-laundering purposes and follow its rules on promoting crypto to consumers. The UK is introducing a fuller authorization regime for crypto activities, with the FCA as regulator. Check the FCA register before working with a UK crypto firm.
Source: FCA: new cryptoasset regime
Federal Deposit Insurance Corporation
The US agency that insures bank deposits up to a limit and supervises many banks.
FDIC insurance protects depositors if an insured bank fails, up to a limit per depositor, per bank and per ownership category. Stablecoins are not FDIC-insured deposits, even when an issuer holds reserves at an insured bank. The FDIC also supervises many state-chartered banks.
Related: OCC, NCUA, GENIUS Act
Source: FDIC: deposit insurance
Federal Reserve instant payment service
The Federal Reserve's instant payment service for US banks. It is not a CBDC.
FedNow lets participating banks and credit unions send payments that settle in seconds, around the clock. It moves existing bank money between institutions and is not a central bank digital currency. Businesses reach it through their own bank, not directly.
Financial Crimes Enforcement Network
The US Treasury bureau that writes and enforces federal anti-money-laundering rules.
FinCEN administers the Bank Secrecy Act, receives suspicious activity reports and issues AML rules and guidance. US crypto exchanges and many other businesses that transmit crypto must register with FinCEN as money services businesses. Its proposals and withdrawals are published in the Federal Register.
Related: AML, KYC, Travel Rule, FR
Source: FinCEN
Financial market infrastructure
Systems that clear, settle and record payments and securities, such as RTGS and clearing houses.
FMIs include payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories. They follow international standards set by the BIS committee on payments and IOSCO. Tokenization projects usually need an FMI, or a new regulated equivalent, to reach scale.
Source: BIS CPMI: Principles for financial market infrastructures
Franklin OnChain U.S. Government Money Fund
Franklin Templeton's US government money market fund whose shares are recorded on blockchains.
FOBXX is a registered US money market fund that invests in government securities, cash and repurchase agreements. Its share ownership is recorded on public blockchains, and its shares are represented as BENJI tokens. It is one of the first US-registered funds to use a public blockchain for its share records.
Related: RWA, BUIDL, OUSG, NAV
Source: Franklin Templeton: FOBXX
Federal Register
The US government's daily journal of rules, proposed rules and presidential documents.
Agencies publish proposed and final rules in the Federal Register, which opens comment periods and sets effective dates. Citations look like "90 FR 8647" (volume, then page), and each document also has an FR Doc number. It is the authoritative source for what an agency has actually proposed or adopted.
Related: CFR, NPRM, ANPRM, RIN
Source: Federal Register
Financial Stability Report
The Federal Reserve's twice-yearly assessment of risks to the US financial system.
The Fed's Financial Stability Report reviews valuations, borrowing, leverage and funding risks. It has covered stablecoins as a possible source of run risk. It is analysis, not regulation.
Related: GENIUS Act, USDC
Foreign exchange
Converting one currency into another, or the market where that happens.
FX costs are a big part of cross-border payment fees. Stablecoins are sometimes used as a middle step, local currency to dollar stablecoin to another local currency, but each conversion still has a price and may face local currency rules.
Guiding and Establishing National Innovation for U.S. Stablecoins Act
The US federal law for payment stablecoins, signed Jul 18, 2025 (Public Law 119-27).
The GENIUS Act creates a federal framework for payment stablecoins. It covers who may issue them, a 1:1 high-quality reserve requirement, redemption, disclosures, AML duties, and a ban on issuers paying interest or yield to holders. Federal and state regulators are writing the rules that implement it, so check which parts are already in force.
Related: MiCA, OCC, FDIC, CLARITY Act
Source: Public Law 119-27, govinfo
U.S. Government Publishing Office
The US agency that publishes official federal documents, including laws, on govinfo.gov.
GPO publishes the official text of public laws, the Federal Register and the CFR through govinfo. For a statute such as the GENIUS Act, the GPO version is the authoritative text to cite.
Source: govinfo
Information and communication technology
Computer systems, networks and software, the term EU rules use for technology risk.
EU financial rules, especially DORA, use ICT to mean the technology a firm relies on and the risks that come with it: outages, cyberattacks and dependence on vendors. A MiCA application needs ICT policies, security controls and plans for incidents and business continuity.
ISO 20022 financial messaging standard
A global standard for structured payment messages with rich data about each payment.
ISO 20022 defines how payment and securities messages are structured, with room for detailed remittance information. Major systems such as Fedwire, T2 and SWIFT cross-border payments have moved to it. Richer data helps automate reconciliation, and on-chain payments often need a matching data layer to compete.
Source: ISO 20022
Key opinion leader
An influencer whose posts or endorsements can move a crypto community.
Projects often pay KOLs to promote tokens or products. Many jurisdictions treat paid promotions as advertising, which requires disclosure. The UK, the EU (through MiCA marketing rules) and US regulators have acted against undisclosed or misleading crypto promotions.
Know your customer
Checks a business runs to confirm who its customers are and assess their risk.
KYC usually means collecting and verifying identity documents, checking sanctions lists and understanding the purpose of an account. For businesses it includes identifying beneficial owners. Regulated crypto firms must do KYC before they hold funds or process transfers for a customer.
Related: AML, KYT, CFT, Travel Rule
Source: FATF Recommendations
Know your transaction
Monitoring blockchain transactions and addresses to spot links to illicit activity.
KYT tools score wallet addresses and transfers against known risks such as sanctioned entities, hacks or darknet markets. Exchanges, custodians and stablecoin payment providers use KYT alongside KYC to decide whether to accept, freeze or report a transfer.
Related: KYC, AML, Travel Rule
Layer 1
A base blockchain network, such as Bitcoin or Ethereum, that settles its own transactions.
A Layer 1 has its own validators or miners and its own security. Layer 2 networks are built on top of it to add capacity. The choice of L1 affects fees, speed, finality and which stablecoins and tools are available.
Layer 2
A network built on a Layer 1 blockchain to make transactions faster and cheaper.
Layer 2 networks, such as Ethereum rollups, process transactions off the main chain and post proofs or data back to it. They cut fees but add their own risks, such as how deposits are withdrawn and who runs the sequencer. Many stablecoin payment flows now run on L2s.
Liquid staking derivative
A token representing staked crypto that can still be traded or used elsewhere.
When users stake a proof-of-stake asset through a liquid staking protocol, they receive a token that tracks the staked position and its rewards. That keeps the position usable in DeFi, but it adds smart-contract risk and the token can trade below the asset it represents. It is also called a liquid staking token.
Monetary Authority of Singapore
Singapore's central bank and integrated financial regulator, including for crypto and stablecoins.
MAS licenses digital payment token service providers and has a framework for single-currency stablecoins issued in Singapore. It also runs tokenization projects with financial institutions.
Source: Monetary Authority of Singapore
Markets in Crypto-Assets Regulation
The EU regulation for crypto-asset issuers and service providers, Regulation (EU) 2023/1114.
MiCA sets one EU-wide rulebook for issuers of e-money tokens and asset-referenced tokens, for other token offerings with white papers, and for crypto-asset service providers (CASPs). Authorization in one member state can be passported across the EU. Instruments already covered by financial-services law, such as securities, stay under those laws.
Markets in Financial Instruments Directive II
The EU framework for investment firms and trading venues dealing in financial instruments.
MiFID II (Directive 2014/65/EU) governs securities trading, investment advice and trading venues in the EU. Crypto-assets that qualify as financial instruments, such as tokenized shares or bonds, fall under MiFID II rather than MiCA. Getting this classification right decides which licence a firm needs.
Multi-party computation
A way to split control of a private key among several parties so no one holds it alone.
MPC wallets split signing power into shares held by different parties or devices, which must cooperate to approve a transaction. Institutional custodians use it to avoid a single point of failure and to enforce approval policies. Users still need to understand who holds the shares and how recovery works.
Related: DeFi
Minimum viable product
The first working version of a product, built with just enough features to test it with real users.
An MVP is an early build that delivers the core function so a team can test it in practice before adding more. In payments infrastructure it usually means a limited first release used by a small group of participants. Swift described the first build of its shared ledger as an MVP.
Related: DLT
Net asset value
A fund's assets minus its liabilities, usually quoted per share.
NAV per share is the price at which many funds, including money market funds, issue and redeem shares. Tokenized funds generally publish NAV the same way as traditional funds. A stable-NAV money market fund aims to keep a constant price per share, but that is not guaranteed.
National Credit Union Administration
The US agency that charters and supervises federal credit unions and insures their deposits.
The NCUA plays the role for credit unions that the FDIC and OCC play for banks, including share insurance. Under the GENIUS Act, credit unions can take part in stablecoin issuance through subsidiaries approved by the NCUA.
Related: FDIC, OCC, GENIUS Act
Source: NCUA
Non-fungible token
A token that represents one unique item rather than an interchangeable amount.
Each NFT has its own identifier, so one is not interchangeable with another, unlike a dollar stablecoin. NFTs are used for digital collectibles, tickets, memberships and some ownership records. Under MiCA, truly unique NFTs are mostly out of scope, while large fractional series may not be.
Notice of proposed rulemaking
A US agency's formal proposal of rule text, published for public comment.
An NPRM contains the draft rule and explains it, and it opens a comment period in the Federal Register. The agency must consider the comments before issuing a final rule. A proposed rule is not yet binding.
Source: Federal Register: understanding the Federal Register
Office of the Comptroller of the Currency
The US Treasury bureau that charters and supervises national banks and federal trust banks.
The OCC supervises national banks, including what crypto activities they may carry out. Under the GENIUS Act it is the federal regulator for many non-bank payment stablecoin issuers and is writing implementing rules. OCC charters are a common route for crypto firms that want a federal banking licence.
Related: FDIC, GENIUS Act, NPRM
Source: OCC
Office of Information and Regulatory Affairs
The White House office, within OMB, that reviews major US agency rules before publication.
Significant rules from executive agencies go to OIRA for review before they are published. Reginfo.gov shows which rules are under review and since when. A rule under OIRA review has not been published and is not in force.
Source: Reginfo.gov
Official Journal of the European Union
The EU's official publication, where adopted laws such as MiCA are published.
An EU regulation is legally published when it appears in the Official Journal, and its entry-into-force and application dates follow from that. Citations such as "OJ L 150" point to the issue. EUR-Lex hosts the authoritative versions.
Source: EUR-Lex: Official Journal
Office of Management and Budget
The White House office that oversees the federal budget and, through OIRA, agency rules.
OMB coordinates executive agencies. Its OIRA unit reviews significant rules before they are published.
Related: OIRA
Source: OMB
Ondo Short-Term US Government Treasuries
Ondo Finance's tokenized fund giving qualified investors exposure to short-term US Treasuries.
OUSG is a tokenized fund product from Ondo Finance, available to qualified investors who pass its onboarding checks. It invests mainly in other tokenized funds holding short-term US government securities. It is an investment product with eligibility limits, not a stablecoin.
Source: Ondo Finance: OUSG
Peer-to-peer
Directly between two users, without an intermediary holding or routing the funds.
On public blockchains, a P2P transfer moves tokens straight from one wallet to another. Regulators watch P2P flows because no regulated firm may be screening them, although stablecoin issuers can often freeze tokens at the contract level.
Related: KYT, Travel Rule
People's Bank of China
China's central bank, which issues the e-CNY digital currency.
The PBOC sets monetary policy in China and runs the e-CNY pilot through commercial banks and payment providers. China restricts crypto trading and mining, so the e-CNY is its main official digital-money project.
Source: People's Bank of China
Proof of stake
A way to secure a blockchain where validators lock up tokens, which they can lose if they misbehave.
In proof of stake, validators stake the network's token to propose and confirm blocks, and they earn rewards. Rule-breaking can lead to slashing, a loss of part of the stake. Staking services raise custody, tax and, in some places, securities questions.
PayPal USD
PayPal's US dollar stablecoin, issued by Paxos.
PYUSD is a dollar stablecoin issued by Paxos for PayPal and backed by dollar reserves. It runs on several public blockchains and inside PayPal and Venmo accounts. Paxos publishes monthly reserve reports.
Related: USDC, USDT, USDG, GENIUS Act
Source: Paxos: PYUSD transparency
Reserve Bank of India
India's central bank, which runs the digital rupee (e₹) pilots.
The RBI regulates Indian banks and payment systems and issues the digital rupee in wholesale and retail pilots. It has been cautious about private crypto assets and stablecoins.
Source: Reserve Bank of India
Regulation Identifier Number
A code that tracks a single US rulemaking across agency agendas and reviews.
Each US federal rulemaking gets a RIN, such as 3038-AF80, which stays the same from early notice to final rule. Searching a RIN on Reginfo.gov or the Federal Register shows the rule's history and status.
Related: FR, OIRA, ANPRM, NPRM
Source: Reginfo.gov
Ripple USD
Ripple's US dollar stablecoin, issued by a New York-chartered trust company.
RLUSD is a dollar stablecoin issued by Standard Custody & Trust Company, a Ripple subsidiary regulated by the New York Department of Financial Services. It runs on the XRP Ledger and Ethereum, and it is aimed at enterprise payments and settlement.
Source: Ripple: RLUSD
Real-time gross settlement
Central-bank systems that settle large payments one by one, in central-bank money.
In an RTGS system, each payment settles individually and with finality as it is processed, rather than being netted at the end of the day. Fedwire in the US and T2 in the euro area are examples. RTGS systems are the backbone for large-value and interbank payments.
Source: ECB: T2
Real-time payments
Instant bank-to-bank payments that settle in seconds. It is also the name of a US network.
Real-time payment schemes move bank money between accounts in seconds, around the clock. In the US, examples include The Clearing House's RTP network and the Federal Reserve's FedNow. In Europe, SEPA Instant is one. They are bank money, not a CBDC, and they work only within the scheme's participating banks and currency.
Related: FedNow, SEPA, ACH, RTGS
Source: The Clearing House: RTP network
Real-world asset
A traditional asset, such as a Treasury bill, fund share or loan, represented as a blockchain token.
RWA tokenization records ownership of off-chain assets on a ledger so they can move and settle faster and be used as on-chain collateral. The token is only as good as the legal structure behind it: who holds the asset, what rights holders have and which law applies. Tokenized Treasuries and money market funds are the largest category so far.
Related: RWA distributed, RWA represented, BUIDL, FOBXX, OUSG
Distributed real-world assets
Dashboard label for tokenized assets that can move freely between wallets on public chains.
Some third-party RWA dashboards use this term for tokenized real-world assets that can move between wallets on public chains. Definitions vary by provider, so check the methodology before comparing figures.
Related: RWA, RWA represented
Represented real-world assets
Dashboard label for on-chain records of assets that move only through the issuer's platform.
Some third-party RWA dashboards use this term for assets recorded on-chain but transferred only through the issuer's own platform or records. It is broader than "distributed", and definitions vary by provider.
Related: RWA, RWA distributed
U.S. Securities and Exchange Commission
The US regulator for securities markets, investment funds, brokers and exchanges.
The SEC decides when a crypto asset or arrangement is a security, approves exchange-traded products and oversees investment advisers' custody rules. Tokenized securities and funds fall under its rules. Its guidance and rule proposals shape what US firms can offer.
Related: CFTC, ETF, CLARITY Act, CFR
Source: SEC
Single Euro Payments Area
The European area where euro bank transfers work the same way across countries.
SEPA lets businesses send euro credit transfers and direct debits across participating countries using one set of schemes. SEPA Instant settles in seconds, and under the EU Instant Payments Regulation, euro-area payment providers that offer euro transfers must also offer instant ones.
Related: RTP, ACH, SWIFT, ISO 20022
Source: European Payments Council: SEPA
Securities and Futures Commission
Hong Kong's securities regulator, which licenses virtual asset trading platforms.
The SFC licenses and supervises virtual asset trading platforms and securities activities in Hong Kong. Fiat-referenced stablecoin issuers in Hong Kong are licensed separately by the Hong Kong Monetary Authority.
Source: SFC
Society for Worldwide Interbank Financial Telecommunication
The global messaging network banks use to send payment instructions across borders.
Swift carries payment messages between banks. The money itself moves through correspondent accounts and local settlement systems. That chain of intermediaries is why cross-border wires can be slow and costly. Swift is also testing links to tokenized assets and digital currencies.
Source: Swift
T2 (euro area RTGS, formerly TARGET2)
The Eurosystem's real-time gross settlement system for large euro payments.
T2 settles large-value euro payments in central-bank money, and it replaced TARGET2 in March 2023. Banks use it for interbank and time-critical payments. The ECB is also exploring how to settle DLT transactions in central-bank money through links to its systems.
Source: ECB: T2
Total net assets
A fund's total assets minus liabilities, the size figure many issuers publish.
TNA is what fund pages usually report as the fund's size on a given date. It changes with flows and market moves, so always read it with its as-of date.
FATF Recommendation 16 (Travel Rule)
Rule that crypto firms share sender and recipient details with each transfer to another firm.
The Travel Rule requires VASPs and CASPs to send originator and beneficiary information with transfers, as banks do for wires. In the EU it applies to crypto transfers under Regulation (EU) 2023/1113. Firms need tools to exchange this data securely with counterparties.
Related: VASP, CASP, AML, FATF
Source: Regulation (EU) 2023/1113 (transfer of funds), EUR-Lex
Total value locked
The value of crypto assets deposited in DeFi protocols. Methods for measuring it vary.
TVL adds up the assets deposited in a protocol or chain, priced at market value. It moves with token prices and can double-count assets that are re-deposited. Treat it as a rough activity gauge, and compare figures only from the same data provider.
USD Coin
Circle's US dollar stablecoin, redeemable 1:1 and backed by cash and short-term Treasuries.
USDC is issued by Circle and backed by reserves held in cash and short-dated US government obligations, largely through a registered money market fund. It runs on many blockchains and is widely used for payments and settlement. In the EU it is issued as an e-money token under MiCA.
Related: USDT, EURC, EMT, GENIUS Act
Source: Circle: transparency
Global Dollar
A US dollar stablecoin issued by Paxos for the Global Dollar Network.
USDG is a dollar stablecoin issued by Paxos and backed by dollar reserves, with a network of partners sharing reserve income. Paxos publishes reserve reports for it.
Source: Paxos: USDG transparency
Pax Dollar
Paxos's US dollar stablecoin, issued by its New York-chartered trust company.
USDP is a dollar stablecoin issued by Paxos Trust Company, regulated by the New York Department of Financial Services, and backed by dollar reserves. It is one of the older regulated dollar stablecoins and is used mainly on Ethereum.
Source: Paxos: USDP
Tether USD (USD₮)
Tether's US dollar stablecoin, the largest by circulation, also written USD₮.
USDT is issued by Tether and backed by reserves that Tether reports in regular attestations. It is widely used for trading and for dollar access in emerging markets. It is not authorized as an e-money token under MiCA, so EU-regulated platforms restrict it.
Source: Tether: transparency
Ondo US Dollar Yield
Ondo's tokenized note secured by short-term Treasuries and bank deposits, not offered to US persons.
USDY is a yield-bearing token from Ondo Finance, structured as a note and backed by short-term US Treasuries and bank demand deposits. It is not available to US persons and has onboarding and transfer limits. Unlike a payment stablecoin, it passes yield to holders.
Related: OUSG, RWA, GENIUS Act
Source: Ondo Finance: USDY
Urchin Tracking Module (campaign tags)
Tags added to a link (utm_source, utm_medium, utm_campaign) that show which campaign sent a visitor.
UTM parameters are standard tags added to the end of a web link, such as utm_source=newsletter, so analytics tools can tell which campaign, site or channel sent a visitor. They don't identify the person by themselves.
Virtual asset service provider
FATF's term for businesses that exchange, transfer or hold virtual assets for others.
VASP is the global AML term that many countries use in their licensing and registration rules. In the EU the equivalent licensed category is the CASP under MiCA. VASPs must apply KYC, monitoring and the Travel Rule.
Related: CASP, FATF, Travel Rule, AML
Source: FATF: virtual assets
