Glossary

Percentage change in value outstanding over the trailing 30 days.

Combines investor flows and market movement; for stable-NAV products it is almost entirely flow.

Annualised yield over the trailing 30 days, after fund fees.

Smoother than the 7-day figure and less sensitive to a single day's accrual.

How this platform measures it. Annualised 30-day yield net of fund-level fees, computed from the change in NAV per token over the trailing 30 calendar days including distributions.

Annualised yield over the trailing seven days, after fund fees.

The money-market convention. Responds fast to rate moves, which makes it noisy around month-end.

How this platform measures it. Annualised 7-day yield net of all fund-level fees and expenses, as published by the fund or computed from NAV accrual where the fund publishes a stable $1.00 NAV.

0–100 composite of an institution's tokenized-finance footprint.

Products, value, network reach, counterparty breadth and recent confirmed events.

Measures footprint in this market, not balance-sheet size. A $52T custodian and a $200M issuer are compared on what they actually do here.

How this platform measures it. 0-100 composite of tracked products, tokenized AUM, distinct chains, distinct counterparties and recency-weighted intelligence events for an institution.

Transfers are restricted to wallets the issuer has approved.

Enforced in the token contract. It is what makes an on-chain security transferable without breaching securities law, and what stops it circulating freely.

What the cash would earn if it were already back.

The rate the redeemed capital could be redeployed at. Short-term risk-free is the conventional reference; use your actual reinvestment rate if it differs.

A regulated venue for securities that is not an exchange.

For allow-listed tokenized funds it is often the only secondary exit, which makes its depth an input to redemption risk.

Net assets of the fund's tokenized share class.

Client assets the manager invests on their behalf. It is the manager's scale, not their balance sheet: the assets belong to investors.

Only comparable against other funds. A stablecoin's float and a deposit token's balance are different quantities and are never summed with this.

How this platform measures it. Total token supply across all tracked deployments, multiplied by the issuer's most recent published NAV per token, converted to USD at the 16:00 ET WM/Reuters fix.

An accountant's report that reserves existed on a date.

An agreed-upon-procedures engagement against management's assertion at a point in time.

Not an audit. It gives no opinion on internal controls and says nothing about the days between reports.

How this platform measures it. Composition of the reserve portfolio backing a stablecoin, taken from the most recent independent attestation or the issuer's reserve report, normalised to the platform's instrument taxonomy.

How often reserves are independently reported.

Daily reporting narrows the window in which the reserve could diverge unobserved; quarterly leaves a wide one.

Covered jurisdictions where the product is offered.

Primary subscription eligibility as stated in the offering documents.

Availability through a third-party distributor may differ.

What stands behind the token and whether it pays you.

Fiat-backed holds cash and short government paper with yield retained by the issuer; yield-bearing passes it through and is usually structured as a security for that reason.

How the issuing bank books the tokenized balance.

A deposit token is a liability of the bank, so holders rank as depositors, not as fund shareholders with segregated assets.

Proportion of reserves held as bank deposits rather than securities.

A deposit is an unsecured claim on a bank; a Treasury bill is not. A higher share means more bank credit risk inside a product sold as cash.

Tokens in public hands, valued at the peg.

For a stablecoin this is a liability outstanding, what the issuer owes holders, not assets under management.

Excludes issuer treasury and unissued inventory.

How this platform measures it. Total token supply across all tracked deployments less issuer-held and treasury addresses, valued at the stated peg. Reported as circulating supply, never as AUM: a payment stablecoin's float is a liability outstanding, not assets under management.

Where a tokenized deposit can settle.

Intra-bank moves only between accounts at the same bank; an inter-bank consortium settles across members, which is materially harder and materially more useful.

Opportunity cost expressed as a percentage of principal.

The cost of one redemption cycle. It annualises to the same figure only if you redeem once a year: a treasury rolling the position monthly incurs it twelve times.

The entity legally holding the assets.

Where the backing actually sits, and who is answerable if it goes missing. Distinct from the software used to manage keys.

Deadline for an instruction to be dealt at today's NAV.

Miss it and the order rolls to the next dealing day, which for a cash-management product can be the difference between covering a payment and not.

Where the fund or issuing vehicle is legally established.

Sets the governing law, the insolvency regime and the tax treatment of the vehicle.

Not the same as the manager's jurisdiction, and not the same as where you may buy it.

Annual fund-level costs as a percentage of net assets.

Management, administration and custody fees, net of any waiver in force. Already deducted from net yield figures.

Fund level only. Platform, distributor and custody fees charged to you sit on top.

The gap between gross yield and net APY.

The portion of the return that never reaches you. It widens as the holding period shortens, because one-off costs are amortised over fewer days.

Proportion of tracked fields populated for this record.

Shown so a thin record is visibly thin rather than mistaken for a complete one.

Strikes the NAV and keeps the fund's books.

The independent check on the manager's own valuation.

Weighted-average YTM of the portfolio, before fees.

Forward-looking: what the current holdings would return if held to maturity. Shown where a fund publishes no standardised net yield.

Gross. Subtract the expense ratio for a rough net comparison.

How this platform measures it. Weighted-average yield to maturity of the underlying portfolio, gross of fees. Shown where a fund does not publish a standardised net yield.

Concentration measure: the sum of squared percentage shares.

Below 1,500 is unconcentrated, 1,500–2,500 moderately concentrated, above 2,500 highly concentrated: the thresholds competition authorities use.

Computed on the addressable market, meaning products that actually use the role in question.

The underlying instruments the product actually owns.

What backs your claim. Two products with identical yields can hold very different credit and liquidity risk.

How this platform measures it. Underlying portfolio composition as disclosed in the fund's most recent holdings report or daily transparency file, normalised to the platform's instrument taxonomy.

How a token moves between networks.

Burn-and-mint keeps one fungible supply; lock-and-mint creates a wrapped claim; message passing moves instructions, not value. Each carries a different failure mode.

Where the investing entity is legally established.

The jurisdiction that governs what may be sold to you. It is matched against the product's covered markets and its explicit prohibitions: an entity can be prohibited from buying a product even where that product is broadly distributed.

The entity's domicile, not the beneficial owner's residence and not where the account is held.

Which investor classes may subscribe.

Retail, accredited, professional and institutional. Normalised here from each jurisdiction's own statutory categories so products can be compared.

A platform classification of the offering documents, not legal advice, and not a substitute for your own eligibility check.

How this platform measures it. Platform classification of who may subscribe, normalised to Retail / Accredited / Professional / Institutional from the offering documents and the issuer's own distribution terms.

The regulatory home of the manager or issuing entity.

Often differs from the fund's domicile. A US manager routinely issues a BVI-domiciled fund.

The legal wrapper, which decides what you actually own.

A registered fund gives shareholder rights; an SPV-backed note gives a contractual claim; a deposit token makes you a bank creditor. Same yield, different position in an insolvency.

What faster settlement is economically worth.

The difference in opportunity cost between the fastest and slowest option on the same ticket. It is the concrete case for T+0 settlement: the same argument usually made qualitatively, stated in currency.

Adjusting for products that hold other tracked products.

One fund-of-funds holding another product means headline totals count the same money twice.

An issuer's portion of funds-and-securities AUM.

Computed within that segment only. Including a stablecoin float would make one issuer look like the entire market.

Smallest initial subscription the issuer accepts.

Frequently waivable at the manager's discretion, so treat it as a signal of intended client type rather than a hard floor.

Ranked by value added, not by percentage.

A 40% gain on $60M matters less to market structure than 6% on $2.4B, and a percentage ranking is dominated by the smallest product.

Annualised return after fund fees and one-off transaction costs.

What actually reaches you. Gross yield less the management fee accrued over the period, less subscription and redemption fees annualised across it.

Fund-level costs only. Platform, distributor and custody fees charged to you sit on top and are not modelled.

Value of one token, struck by the fund administrator.

Stable-NAV funds hold a constant $1.00 and pay yield by issuing more tokens; accumulating funds let NAV rise instead.

Not the secondary market price. A token can trade away from NAV.

How this platform measures it. Net asset value per token struck by the fund administrator at the stated valuation point. Stable-NAV funds are marked at their constant $1.00 and accrue yield through supply.

Movement in value outstanding between the first and last on-chain reading held.

Measured by reading the token contracts, so it combines units created or redeemed with any change in NAV. Those two cannot be separated from a contract read alone.

The window is however many days the indexer has recorded, which is stated next to the figure rather than assumed to be 30.

How this platform measures it. Total token supply across all tracked deployments, multiplied by the issuer's most recent published NAV per token, converted to USD at the 16:00 ET WM/Reuters fix.

Gross mints less gross redemptions over the period.

Isolates money actually entering or leaving, stripping out price movement.

Excludes secondary transfers and bridge activity, which move tokens without changing the fund's size.

How this platform measures it. Gross mints less gross redemptions across all tracked contracts over the trailing 30 days, valued at the NAV in force on each transaction date. Not currently published: mints and redemptions are not separable from a contract balance read, so the platform reports net change in value outstanding instead.

Change in value outstanding across the days the indexer has actually read.

The column header states that window. It widens as history accumulates and becomes a true 30-day change once 30 days have been recorded.

A product with no on-chain reading shows no figure rather than a zero.

How this platform measures it. Total token supply across all tracked deployments, multiplied by the issuer's most recent published NAV per token, converted to USD at the 16:00 ET WM/Reuters fix.

What capital earns nothing while it is in transit.

Between the redemption instruction and settled funds, the money is neither invested nor usable. Priced at the rate it would have earned elsewhere, a T+2 lag on $10M at 5.2% costs about $2,850 per redemption.

Simple interest on calendar days. A settlement landing over a weekend or holiday costs more than the T+n label implies.

Publishes off-chain data, NAV, reserves, prices, on-chain.

What lets a smart contract know a fund's NAV. A dependency: contracts consuming a bad feed act on bad data.

Tokenized deposit balances on the issuing bank's books.

A deposit token is a bank liability. This figure sits on the bank's balance sheet and makes holders bank creditors.

How this platform measures it. Tokenized deposit balances outstanding on the issuing bank's platform at the reporting date. A deposit token is a bank liability, so this figure sits on the issuer's balance sheet and is not comparable with fund AUM or stablecoin float.

The right to redeem one token for one unit of the peg currency.

The mechanism that actually holds the peg. Where it is limited to a few large accounts, everyone else depends on arbitrage.

The currency the token is designed to hold parity with.

Determines your FX exposure. A euro treasury holding a dollar stablecoin has taken a currency position, whatever the yield says.

How the service charges.

SaaS subscription, basis points on transaction value, per-asset fee, or protocol fee. Determines whether cost scales with your volume or your headcount.

The instrument form the token takes.

Tokenized fund, debt instrument, beneficial interest, e-money token, deposit liability. Determines the legal claim behind the token.

Jurisdictions and investor classes the issuer explicitly excludes.

Stronger than absence from the covered list. A product simply not distributed somewhere may become available later; an explicit prohibition is a standing exclusion, typically driven by securities registration or sanctions.

Some restrictions here are not geographic at all, 'retail investors worldwide', for instance, and are evaluated as investor status rather than jurisdiction.

Automated on-chain attestation that reserves exist.

Evidences that assets exist. Says nothing about what you legally own if the issuer fails.

Positions gained or lost over 30 days.

The figure a strategy team reacts to. Absolute growth in a rising market says little about whether you are winning.

Charge applied on exit, as a percentage of the amount redeemed.

Usually there to protect remaining holders from the trading costs of a large exit.

How often you can exit at NAV directly with the issuer.

Intraday means same-day exit during dealing hours; T+1 and T+2 settle one or two business days later; at-maturity means no issuer exit at all.

Contractual terms, not observed performance. Gates and suspensions can apply in stress.

How this platform measures it. Redemption frequency, dealing cut-off and settlement window as stated in the offering documents, expressed in the issuer's home time zone and normalised to a T+n settlement convention.

Authorisations held by the operating entity.

A record of licences held, not a conclusion about permitted activity. Affiliate licences are excluded unless the service runs under them.

How this platform measures it. Licences and registrations held by the operating entity, recorded per jurisdiction from the relevant public register or the regulator's own announcement.

Short-term secured lending against collateral, usually overnight.

Economically a collateralised loan. Introduces counterparty exposure that a directly-held Treasury does not.

The assets held against the float.

The run-risk picture. Government securities are claims on a sovereign; bank deposits are unsecured claims on a bank.

How this platform measures it. Composition of the reserve portfolio backing a stablecoin, taken from the most recent independent attestation or the issuer's reserve report, normalised to the platform's instrument taxonomy.

The lending side of a repo: cash out, collateral in.

Widely used by money funds as an overnight home for cash, often against government collateral.

Where the token can be traded rather than redeemed.

The only exit for products with no issuer redemption, and a way out before the cut-off for those that have one.

Secondary liquidity is not guaranteed and prices can sit away from NAV.

When redemption proceeds actually reach you.

Distinct from the dealing date. A fund can price today and pay in two days.

Movement in market share over 30 days, in basis points.

One basis point is 0.01%. Share change separates real competitive movement from growing with the market.

Contractual availability commitment.

A contractual promise, not measured performance.

The class of source behind a datapoint.

Tier 1 primary: filings, issuer disclosures, chain data. Tier 2 trusted financial sources. Tier 3 secondary reporting.

One-off charge on entry, as a percentage of the amount subscribed.

Charged once but felt across the whole holding period, so its annualised drag is inversely proportional to how long you hold. On a 30-day hold a 5bp entry fee costs about 61bp annualised; over three years, under 2bp.

Portion of a product's tokens issued on a given network.

Used to attribute value across networks so a six-chain product is counted once, not six times.

How this platform measures it. AUM of in-coverage products attributed to each network by that network's share of tracked token supply. Deliberately excludes general crypto activity.

Networks a service supports in production.

Testnet support and announced roadmap are excluded by policy.

How this platform measures it. Blockchain networks and integration surfaces a service product supports in production, as stated in its service documentation and verified against public deployment records where available.

The software issuing the token and enforcing its restrictions.

Runs onboarding, the allow-list and corporate actions. A vendor unless it also holds a regulated role.

Every cost of holding a position, not just the headline fee.

Ongoing management fees plus one-off entry and exit costs, expressed in currency on your allocation rather than as a percentage, which is how the difference between two similar-looking products becomes visible.

Maintains the official register of who owns what.

In tokenized funds this is the role that makes an on-chain balance the legal record rather than a mirror of a database elsewhere.

Contractual and technical limits on moving the token.

Determines whether a position can be posted as collateral, moved between custodians, or sold to another holder at all.

Short-dated government debt, issued at a discount, under one year.

The reference risk-free instrument in this category and the dominant holding across it.

In-coverage value that relies on this service, derived from the graph.

What the platform can observe: tracked products with an active dependency edge.

A floor, not a total, and deliberately shown apart from the provider's own disclosed figure, which is self-reported.

How this platform measures it. Value of in-coverage products that depend on a service product, summed across the relationship graph. This is what the platform can observe, and it is reported alongside (never merged with) the provider's own disclosed figure.

The scale figure, measured differently per category.

AUM for a fund, circulating supply for a stablecoin, outstanding balance for a deposit token, value of backing for a commodity token. Each row states which.

Deliberately never totalled across categories: they are not the same quantity.

How well a datapoint is evidenced.

Primary source and on-chain verified are strongest; estimated and self-reported are weakest and are labelled as such rather than hidden.

Average time to maturity of the portfolio, weighted by size, in days.

The standard interest-rate sensitivity measure for short-duration funds. A 60-day WAM loses roughly twice as much value as a 30-day WAM for the same rate move.

Regulated money market funds are capped at 60 days.

Annualised return to the holder, net of fund fees.

Comparable only within the same basis. Always check the basis label beside the figure.

Excludes platform fees, gas and any spread paid on the way in.

The convention a published yield is calculated on.

7-day net and 30-day net are backward-looking averages; gross YTM is forward-looking and before fees; coupon is contractual. Comparing across bases overstates or understates by tens of basis points.

Whether reserve income reaches the holder.

Most payment stablecoins retain it: that income is the issuer's business model. Payment-stablecoin regimes generally prohibit paying it out.