Glossary
Every term between trade and settlement.
The operational and control risk created when deterministic smart contract code executes settlement, collateral, lifecycle, or books-and-records functions in financial markets.
The deployment of regulated, reserve-backed stablecoins as the continuous wholesale cash settlement layer for institutional capital markets — enabling 24/7 Delivery-versus-Payment and Payment-versus-Payment workflows.
The three-control-point AML framework for broker-dealer stablecoin operations — pre-broadcast screening, attributed value transfer via IVMS101, and post-settlement change-of-risk monitoring — built on the principle of attributed transparency.
A hierarchy for comparing central bank money, tokenized deposits, money market fund shares, fiat-backed stablecoins, and crypto-backed stablecoins as settlement assets.
The NIST Interagency Report defining the federal technical taxonomy of stablecoin architectures — classifying reserve mechanisms, smart contract properties, and security vulnerabilities.
The mechanics by which stablecoin peg pressure and money market fund redemption shocks propagate into systemic stress — compared across reserve structure, run trigger, and regulatory response.
The use of regulated payment stablecoins as the cash leg in DvP securities settlement, enabling near-real-time finality on a 24/7/365 basis beyond Fedwire and CHIPS operating hours.
Pre-agreed instructions specifying how a counterparty's securities and cash should be delivered or received, applied automatically to every qualifying trade.
End-to-end automation of the post-trade lifecycle from execution to DvP settlement, with STP rate as the primary compliance KPI under T+1.