Settlement Network
| Term | Definition |
|---|---|
| Musubi | Cross-border stablecoin settlement network connecting institutional participants across jurisdictions |
| DvP (Delivery vs. Payment) | Atomic settlement where both sides of a swap execute in a single transaction — either both succeed or both revert |
| FX Order | The core object representing a cross-border FX trade from creation through settlement |
| Quote Request | An anonymized broadcast to market makers containing only the currency pair, amount, and expiry |
| Cost Guard | The source_amount_max field — a floor on the maximum source amount the sender will pay, preventing unfavorable execution |
Participants
| Term | Definition |
|---|---|
| Sender Institution | The institution initiating the FX order (sends source stablecoin) |
| Receiver Institution | The institution receiving the target stablecoin after settlement |
| Sender Custodian | Custodian holding source stablecoin on behalf of the sender institution. Reviews and accepts quotes |
| Receiver Custodian | Custodian receiving target stablecoin on behalf of the receiver institution |
| Market Maker | Liquidity provider that quotes FX rates and commits target stablecoin for the swap |
| Network Operator | Musubi — coordinates the settlement but never holds assets |
Currencies
| Term | Definition |
|---|---|
| JPYSC0 | Japanese Yen Stablecoin, pegged 1:1 to JPY (Canton-native) |
| USDCx | USD Circle stablecoin (Canton-wrapped USDC) |
Identifiers
| Term | Format | Definition |
|---|---|---|
| Party ID | DisplayName::fingerprint | Unique identity of a participant on the settlement network |
| Intent ID | UUID v4 | Unique identifier for an FX order |
| Quote ID | UUID v4 | Unique identifier for a market maker’s quote |
| Transaction Hash | Hex string | Proof of the atomic DvP settlement — one hash covers all four legs |
Order Statuses
| Status | Definition |
|---|---|
| PENDING | Order created, awaiting market maker quotes |
| QUOTED | Best quote accepted by sender’s custodian, awaiting settlement |
| EXECUTING | Atomic DvP settlement in progress |
| SETTLED | Settlement complete, assets delivered to all parties |
| FAILED | Settlement reverted or validation failed |
| EXPIRED | Order expired before settlement could complete |
Failure Reasons
| Reason | Definition |
|---|---|
| NO_QUOTE | Window closed with no accepted quote. The name is misleading: the expiry sweep writes this reason over every lapsed order, including ones that were quoted but never accepted. |
| SLIPPAGE | Best quote did not meet the source_amount_max threshold |
| TIMEOUT | Settlement did not complete within the allowed window |
| REVERT | DvP transaction reverted during execution |