> ## Documentation Index
> Fetch the complete documentation index at: https://musubinetwork.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Key terms used throughout the Musubi documentation.

## 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** | No market maker submitted a quote before expiry           |
| **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                 |