A mutual fund, money-market fund, or similar vehicle whose shares settle as tokens while the portfolio stays with a traditional custodian.

Tokenized Gold is a market sector used to group crypto assets with similar use or design.

Tokenized Money Market Fund (MMFs) is a market sector used to group crypto assets with similar use or design.

Tokenized Private Credit is a market sector used to group crypto assets with similar use or design.

Tokenized Treasuries is a market sector used to group crypto assets with similar use or design.

On-chain shares of short-term U.S. government debt funds.

On-chain shares or receipts backed by short-term U.S. government debt, popular with crypto treasuries seeking yield.

The supply rules, allocation, distribution schedule, utility, and incentives surrounding a token.

The best bid and best ask only. Thin top-of-book can still hide size behind.

Chart shorthand for crypto market cap excluding BTC and ETH, used to track alt liquidity.

Order flow that systematically loses money for liquidity providers, often informed or latency-advantaged.

The recordkeeper of who legally owns fund or security shares when those shares are also represented on-chain.

A structure where a custodian holds assets for both a client and a lender or venue under a control agreement.

Trump-Affiliated is a market sector used to group crypto assets with similar use or design.

Time-weighted average price. An execution style that slices an order across time to reduce impact.