A
ACH
ACH (Automated Clearing House) is a US electronic payment network used to move money between bank accounts. It is commonly used for direct deposits, bill payments, and business transfers. ACH payments generally take longer to settle than real-time payment methods but are often lower cost.
Example: A US business can use ACH to pay a vendor directly from its bank account.
Acquirer
An acquirer is a financial institution that enables merchants to accept card payments. It receives payment information from the merchant and works with the card network and issuer to authorize and settle transactions.
Example: When a customer pays at a restaurant with a Visa card, the acquirer processes the card transaction.
Address
A blockchain address is a unique identifier used to send and receive digital assets on a blockchain network. It can be shared publicly to receive funds, while the private key controlling it must remain secret.
Example: A customer can send USDC to a merchant by entering the merchant’s blockchain address.
AML (Anti-Money Laundering)
AML (Anti-Money Laundering) refers to policies, controls, and procedures designed to prevent the use of financial systems for money laundering and related financial crimes. Payment and financial businesses may monitor transactions and conduct customer or business checks as part of AML requirements.
Example: Payments via Cray go through AML checks.
API
An API (Application Programming Interface) allows different software systems to communicate with each other. Businesses use APIs to connect payment services, retrieve transaction information, initiate actions, or integrate financial functionality into their products.
Example: A merchant could use Cray’s payment API to integrate crypto as a mode of payment on their websites
Automated Market Maker (AMM)
An Automated Market Maker (AMM) is a decentralized trading mechanism that allows users to exchange digital assets through liquidity pools rather than a traditional order book. Prices are determined using predefined mathematical formulas. Instead of matching individual buyers and sellers, traders swap tokens directly against pooled crypto reserves, enabling continuous 24/7 trading.
Example: By using an AMM, you can instantly swap ETH for USDC directly from a smart contract pool instead of waiting for a seller.
B
Bank Transfer
A bank transfer moves money electronically from one bank account to another. It can be domestic or international and may use different payment networks depending on the countries and currencies involved.
Example: A business can pay a supplier by transferring funds from its bank account to the supplier’s account.
Base
Base is an Ethereum Layer 2 blockchain designed to provide faster and lower-cost transactions while using Ethereum as its underlying settlement layer. It supports applications, wallets, and payment use cases.
Example: A merchant payment can be settled in USDC on Base instead of directly on Ethereum mainnet to reduce fees.
Blockchain
A blockchain is a shared digital ledger that records transactions across a network of computers. Transactions are grouped into blocks, and each block is cryptographically linked to the previous one, creating a chain of records that is difficult to alter. Blockchain systems operate without relying on a single central authority and are decentralized.
Example: Blockchain enables stablecoin payments to be transferred and verified directly on a network, without traditional card payment infrastructure.
Blockchain Explorer
A blockchain explorer is a tool that allows users to view publicly available blockchain activity, including transactions, addresses, and confirmations.
Example: After sending USDC, a user can use a blockchain explorer to verify whether the transaction has been completed.
Blockchain Network
A blockchain network is a blockchain system on which digital assets and transactions operate. Different networks can have different transaction speeds, fees, and technical characteristics.
Example: Ethereum, Solana, and Polygon are different blockchain networks that can support crypto transactions.
Blockchain Payment
A blockchain payment is a payment in which value is transferred using blockchain infrastructure. Instead of relying on traditional banking or card networks, the transaction is recorded on a blockchain.
Example: A customer pays a merchant 50 USDC using a QR code via Cray to complete a blockchain payment.
Block Confirmation
A block confirmation occurs when a blockchain transaction is included in a block, and the network continues to build on that block. More confirmations can provide greater confidence that a transaction is final and will not be reversed.
Example: A merchant may wait for a required number of block confirmations before treating a blockchain payment as settled.
Bridging
Bridging is the process of moving cryptocurrencies between different blockchain networks. Bridges enable assets to be used across networks that otherwise operate independently.
Example: A user may bridge USDT from Ethereum to a Layer 2 network to access lower-cost transactions.
Business Account
A business account is a financial account designed for a company rather than an individual. It can be used to receive payments, make business expenses, manage funds, and support financial operations.
Example: A restaurant can use a business account to receive customer payments and pay suppliers.
C
Card Authorization
Card authorization is the process of checking whether a card transaction can be approved. The issuer evaluates factors such as available funds, card status, and transaction risk before approving or declining the payment.
Example: When a customer taps their card at a restaurant, the transaction is first authorized before it can be completed.
Card Network
A card network connects merchants, acquirers, and card issuers. Networks define rules and facilitate the exchange of transaction information between participants.
Example: Visa and Mastercard operate card networks used by merchants and financial institutions worldwide.
Card Tokenization
Card tokenization is the process of replacing sensitive card information with a token that can be used for transactions. This saves the user from exposing the original card number and thus reduces the risk associated with storing and transmitting card details.
Example: A saved card in a mobile wallet may use a token instead of the physical card number when making a payment.
Card Verification
Card verification is the process of checking card details or validating a card before or during a transaction. It can include checking the card number, expiry date, security code, etc.
Example: An online merchant may ask for a card’s CVV as part of card verification.
Chargeback
A chargeback is a card payment reversal initiated through the card network when a cardholder disputes a transaction. With this, the cardholder gets back the funds while the merchant has an opportunity to respond to the dispute.
Example: A customer may request a chargeback if they believe a card transaction was unauthorized.
Checkout
Checkout is the stage of a payment journey where a customer reviews what they are buying and completes payment. A checkout can support card, bank, stablecoin, or other payment methods.
Example: An online store may offer USDC payments at checkout using Cray.
Closed-Loop Payment
In a closed-loop payment, transactions take place within a specific network or ecosystem controlled by a particular provider.
Example: If people start paying merchants in USDT, and they in turn pay their employees or vendors in USDT, we can make a closed-loop payment system running on blockchain rails.
Cold Wallet
A cold wallet is a cryptocurrency wallet that is kept offline and mostly comes as hardware. It is commonly used for long-term storage because it reduces exposure to online threats.
Example: A business holding long-term digital asset reserves may keep them in a cold wallet.
Conversion Rate
A conversion rate is the rate at which one currency or asset is exchanged for another.
Example: If a customer pays in USDC while a merchant settles in USD, a conversion rate may determine how much USD the merchant receives. Thankfully, for stablecoins like USDT and USDC, it is always equal to 1 USD.
Corporate Card
A corporate card is a payment card issued for business expenses and managed by a company. It can help businesses control employee spending and track expenses.
Example: A company may give employees corporate cards with predefined spending limits for travel and software subscriptions.
Credit Card
A credit card allows a cardholder to make purchases using a line of credit provided by the card issuer. The cardholder typically repays the amount later, subject to the card’s terms.
Example: A customer buys a laptop with a credit card and repays the issuer after the purchase.
Cross-Border Payment
A cross-border payment is a payment where the sender and recipient are located in different countries or jurisdictions. It can involve multiple currencies, payment networks, and financial institutions.
Example: A business in the UAE paying a supplier in India is making a cross-border payment. If they choose Cray and stablecoin payments, they can remove all the intermediaries and costs added in between all the layers.
Cross-Chain
Cross-chain refers to transfers of assets or information between different blockchain networks.
Example: Moving USDC from one blockchain network to another is a cross-chain transaction. Cray makes it so easy that the payers/receivers don’t even realize it is happening.
Custodial Wallet
A custodial wallet is a wallet where a third party holds or controls the private keys on behalf of the user. The wallet provider manages access to the assets while the user interacts with the wallet through its platform.
Example: A centralized exchange may hold a user’s crypto in a custodial wallet.
D
Debit Card
A debit card allows users to make payments using funds linked to a bank account rather than borrowing against a credit line.
Example: A customer uses a debit card to pay at a restaurant, with the transaction drawing from their available account balance.
Decentralized Finance (DeFi)
Decentralized Finance (DeFi) refers to financial applications built on blockchain networks that provide services such as trading, lending, borrowing, and asset management through smart contracts.
Example: Cray is becoming a big part of the DeFi ecosystem.
Decentralized Exchange (DEX)
A decentralized exchange (DEX) allows users to trade digital assets using blockchain-based smart contracts rather than relying on a traditional centralized exchange.
Example: A user can swap USDC for another token through a DEX using a liquidity pool.
Digital Currency
A digital currency is money or a monetary asset that exists in digital form. Digital currencies can include privately issued digital assets, stablecoins, etc.
Example: A stablecoin can represent a digital form of dollar-denominated value.
Dispute
A dispute occurs when a customer challenges a payment or transaction. Depending on the payment method, disputes can lead to investigations, refunds, or chargebacks.
Example: A cardholder may dispute a transaction they do not recognize.
Double Spending
Double spending is the attempt to use the same digital asset more than once. Blockchain networks use consensus mechanisms and transaction validation to prevent the same funds from being successfully spent twice.
Example: A blockchain network rejects a conflicting transaction attempting to spend the same USDC balance twice.
Due Diligence
Due diligence is the process of assessing a customer, business, transaction, or counterparty before providing financial services or entering a relationship.
Example: A payment provider may conduct business verification for due diligence before onboarding a merchant.
E
Embedded Wallet
An embedded wallet is a digital wallet built directly into an application instead of requiring users to manage a separate external wallet application.
Example: A payment app can provide users with an embedded wallet directly inside the app so they can receive and send stablecoins.
Ethereum
Ethereum is a blockchain network that supports digital assets, smart contracts, and decentralized applications. It is also the foundation for many token and DeFi ecosystems.
Example: A USDC transfer on Ethereum requires a gas fee.
Ethereum Virtual Machine (EVM)
The Ethereum Virtual Machine (EVM) is the execution environment used by Ethereum to run smart contracts. EVM compatibility allows other blockchain networks to support many of the same applications and tools.
Example: An EVM-compatible network can run smart contracts originally designed for Ethereum.
Exchange
An exchange is a platform or service where users can buy, sell, or swap financial or digital assets.
Example: A user can exchange fiat currency for USDC through a crypto exchange.
Expense Management
Expense management refers to the processes and tools businesses use to control, track, approve, and reconcile expenses.
Example: A company can give employees corporate cards and monitor their spending through an expense management system.
F
Fiat
Fiat currency is government-issued money that is not backed by a physical commodity such as gold. Examples include USD, EUR, GBP, and AED.
Example: A merchant may accept USDC from a customer and settle the value into USD.
Finality
Finality is the point at which a transaction is considered irreversible or highly unlikely to be reversed by a blockchain network. Different networks achieve finality in different ways and at different speeds.
Example: A merchant may wait for transaction finality before considering a blockchain payment fully settled.
Foreign Exchange (FX)
Foreign exchange (FX) is the conversion of one fiat currency into another. FX markets determine exchange rates between currencies.
Example: A business receiving EUR but needing USD may use an FX conversion to exchange the funds.
Fraud
Fraud is the use of deception or unauthorized activity to obtain money, assets, or financial benefit. Payment systems use various controls to identify and prevent fraudulent transactions.
Example: Using a stolen card to make unauthorized purchases is an example of payment fraud.
Funding
Funding refers to adding money or assets to an account, wallet, or payment method so you can use them for transactions.
Example: A user can fund a wallet by transferring USDC nto it.
G
Gas Fee
A gas fee is a fee paid to a blockchain network to process and validate a transaction. The amount depends on the blockchain and network conditions.
Example: Sending a token on Ethereum may require the sender to pay a gas fee in ETH.
Gasless Transaction
A gasless transaction is a blockchain transaction where the user does not traditionally pay the network fee directly. The fee may instead be sponsored or abstracted by another mechanism.
Example: A payment app can sponsor gas so a customer can make a stablecoin payment without first having to acquire the network’s native token.
H
Hardware Wallet
A hardware wallet is a physical device designed to securely store and manage private keys and digital assets. The keys are kept isolated from typical online environments.
Example: A business may use a hardware wallet to secure long-term crypto holdings.
Hosted Wallet
A hosted wallet is a wallet managed by a third-party service provider on behalf of the user. The provider typically controls the underlying wallet infrastructure and access mechanisms.
Example: A centralized platform may provide users with hosted wallets for holding crypto.
Hot Wallet
A hot wallet is a crypto wallet connected to or accessible through the internet. It is convenient for frequent transactions but can have greater exposure to online security risks than cold storage.
Example: A wallet used regularly to make stablecoin payments is typically a hot wallet.
I
IBAN
IBAN (International Bank Account Number) is a standardized format used to identify bank accounts for international and domestic transfers.
Example: A business receiving EUR by bank transfer may provide its IBAN to the sender.
Identity Verification
Identity verification is the process of confirming that a person is who they claim to be. It is commonly used during account opening and financial transactions.
Example: A financial platform may ask a user to submit identification documents during onboarding.
Interchange Fee
An interchange fee is a fee associated with card transactions that is generally paid by the acquiring side of a transaction to the issuing side.
Example: When a customer pays with a card, an interchange fee may be included in the overall cost of processing the transaction.
Invoice
An invoice is a document or digital record requesting payment for goods or services. It typically includes the amount due, payment details, and information about the transaction.
Example: A consulting business can send a client an invoice requesting payment in USD or USDC.
Issuer
An issuer is the financial institution that issues a payment card to a cardholder. The issuer authorizes transactions and manages the cardholder’s account.
Example: When a bank gives a customer a Visa credit card, the bank is the card issuer.
Instant Settlement
Instant settlement means funds are settled immediately or within a very short period after a transaction is completed. The exact timing depends on the payment infrastructure.
Example: A merchant receives USDC directly after a confirmed payment, experiencing near-instant settlement with Cray.
Interoperability
Interoperability is the ability of different systems, networks, or technologies to work together and exchange information or value.
Example: A payment application supporting multiple blockchain networks has greater interoperability across different blockchain ecosystems.
K
Know Your Business (KYB)
Know Your Business (KYB) is the process of verifying a business before providing financial or payment services. Checks can include business identity, ownership, and other information.
Example: A payment provider may verify a restaurant’s legal entity and ownership before onboarding it.
Know Your Customer (KYC)
Know Your Customer (KYC) is the process of verifying a customer’s identity and assessing relevant information before or during a financial relationship.
Example: A user may need to provide an identity document and other information before accessing certain financial services.
L
Layer 1
A Layer 1 is the base blockchain network that independently processes and validates transactions. Ethereum and Solana are examples.
Example: Ethereum is a Layer 1 network on which transactions and smart contracts are directly processed.
Layer 2
A Layer 2 is a network or scaling system built on top of a Layer 1 blockchain to improve transaction speed, capacity, or cost.
Example: Base is a Layer 2 built on Ethereum that can support lower-cost transactions.
Lightning Network
The Lightning Network is a Layer 2 payment network built on Bitcoin that enables faster and potentially lower-cost transactions through payment channels.
Example: Two users can make multiple Bitcoin payments through a Lightning channel without recording every payment individually on the Bitcoin base layer.
Liquidity
Liquidity refers to how easily an asset can be bought, sold, or exchanged without significantly affecting its price. The more liquidity, the more buying/selling possibility.
Example: A stablecoin with deep liquidity can generally be exchanged for another asset with less price impact.
Liquidity Pool
A liquidity pool is a collection of digital assets deposited into a smart contract to facilitate trading or other financial activity.
Example: Users can deposit USDC and another token into a liquidity pool that enables swaps on a DEX.
Local Currency
A local currency is the official currency used within a particular country or region.
Example: AED is the local currency of the UAE, while INR is the local currency of India.
Local Payment Method
A local payment method is a payment method commonly used within a particular country or market.
Example: UPI is a widely used local payment method in India.
M
Merchant
A merchant is a business or individual that sells goods or services and accepts payment from customers.
Example: A restaurant accepting USDC from customers via Cray is a merchant using a stablecoin payment method.
Merchant Account
A merchant account is an account that enables a business to accept and process payments.
Example: A restaurant may have a merchant account on Cray that allows it to accept stablecoins from customers.
Merchant Onboarding
Merchant onboarding is the process of verifying and setting up a business so it can use a payment service like Cray. It can include business verification, account creation, configuration, etc.
Example: Cray helps with easy merchant onboarding with a near-zero learning curve to start accepting stablecoin payments instantly.
Merchant Wallet
A merchant wallet is a digital wallet used by a business to receive, hold, or manage digital assets.
Example: A restaurant can receive USDC payments directly into a merchant wallet.
Mobile Payment
A mobile payment is a payment made using a mobile device such as a smartphone or tablet.
Example: A customer can scan a QR code to make mobile payments.
Multi-Party Computation (MPC)
Multi-Party Computation (MPC) is a cryptographic technique that distributes control of a private key or signing process across multiple parties. No single entity necessarily holds the complete private key.
Example: An MPC wallet can require multiple cryptographic signatures to authorize a transaction.
N
Non-Custodial Wallet
A non-custodial wallet is a wallet where the user, rather than a third party, controls the private keys that control their assets.
Example: A user can hold USDC in a non-custodial wallet without giving an exchange control over the funds.
Network Fee
A network fee is a fee paid to a blockchain network for processing a transaction. It is commonly paid to participants who help validate and secure the network.
Example: Sending USDT on Ethereum may require a network fee.
O
Off-Ramp
An off-ramp converts digital assets such as stablecoins or crypto into fiat currency or allows users to withdraw digital assets into traditional bank accounts.
Example: A user can convert USDC into AED by off-ramping and withdraw the funds to a bank account.
On-Chain
On-chain refers to activity that is recorded directly on a blockchain network.
Example: A payment made using Cray is an on-chain transaction.
On-Ramp
An on-ramp is a service that allows users to convert fiat currency into crypto or other digital assets.
Example: A customer can use an on-ramp to purchase USDC with AED, USD, etc.
Online Payment
An online payment is a payment made through the internet, typically for goods or services purchased through a website or application.
Example: A customer pays for a subscription using online payment.
Optimism
Optimism is an Ethereum Layer 2 network designed to scale Ethereum transactions by processing activity outside the Ethereum mainnet while using Ethereum as its underlying settlement layer.
Example: A payment application can use Optimism for lower-cost transactions compared with Ethereum mainnet.
P
Payment Authorization
Payment authorization is the process of determining whether a payment should be approved. The exact process depends on the payment method and infrastructure being used.
Example: A card issuer does payment authorization and may approve or decline a card payment after checking the card and account details.
Payment Confirmation
A payment confirmation indicates that a payment has been successfully processed or received according to the payment system’s requirements.
Example: A merchant checkout on Cray can show a payment confirmation once the customer’s stablecoin payment has been detected and verified.
Payment Gateway
A payment gateway is technology that connects a merchant’s checkout or payment interface with payment processing infrastructure.
Example: An online store can integrate a payment gateway to let customers pay by card or stablecoin.
Payment Link
A payment link is a shareable URL that directs a customer to a payment page or payment request.
Example: A freelancer can send a client a payment link via Cray requesting payment for an invoice in stablecoins.
Payment Method
A payment method is the way a customer chooses to pay for a transaction. Common methods include cards, bank transfers, wallets, and stablecoins.
Example: A merchant may offer card, UPI, and USDC as payment methods.
Payment Orchestration
Payment orchestration is a centralised system that supports multiple payment providers, methods, and processing routes through a single integration.
Example: An international merchant can use payment orchestration to support various payment modes to their customers.
Payment Rail
A payment rail is the underlying infrastructure used to move money or value from one party to another. Examples include card networks, bank transfer systems, and blockchain networks.
Example: A stablecoin transaction may use Base as its payment rail.
Peer-to-Peer (P2P) Payment
A peer-to-peer (P2P) payment is a direct transfer of money or digital assets between individuals or entities without requiring traditional checkout layers.
Example: One person can send USDC directly to another person’s wallet via P2P payments.
Physical Card
A physical card is a tangible payment card used to make purchases in person or online.
Example: A customer can use a physical Visa card at a restaurant’s payment terminal.
Point of Sale (POS)
A point of sale (POS) system is the hardware used by a business to process customer payments.
Example: A restaurant’s POS can record an order and initiate payment when the customer checks out.
Polygon
Polygon is a blockchain ecosystem that supports scalable and lower-cost transactions compatible with EVM.
Example: A business can use the Polygon network to process supported stablecoin transactions.
Prepaid Card
A prepaid card is a payment card funded in advance with a specific balance rather than drawing directly from a credit line.
Example: A company can issue a prepaid card with a fixed spending balance for a specific business expense.
Private Key
A private key is a secret cryptographic value used to authorize transactions and control assets associated with a blockchain wallet. It must be protected because anyone who controls the relevant private key may be able to control the assets in that particular wallet.
Example: A user signs a blockchain transaction using the private key associated with their wallet.
Proof of Stake (PoS)
Proof of Stake (PoS) is a blockchain consensus mechanism where validators participate in securing the network by staking assets according to the network’s rules.
Example: Ethereum uses Proof of Stake to validate transactions and secure its network.
Proof of Work (PoW)
Proof of Work (PoW) is a blockchain consensus mechanism where participants compete to solve computational problems to validate transactions and add blocks to the chain.
Example: Bitcoin uses Proof of Work to secure its blockchain.
Public Address
A public address is an identifier that can be shared with others to receive digital assets on a blockchain network.
Example: A merchant can display its public address so customers can pay in USDC.
Q
QR Code
A QR code is a machine-readable two-dimensional code that can store information such as a payment request or URL.
Example: A restaurant can display a QR code on Cray that customers scan to open a payment request and pay with a crypto wallet they already use.
R
Real-Time Payment
A real-time payment is a payment that can be processed and made available to the recipient within seconds.
Example: A customer can make an instant bank transfer using a real-time payment network.
Reconciliation
Reconciliation is the process of comparing transaction records across systems to ensure that payments and balances match.
Example: A merchant can reconcile its payment dashboard against its bank or wallet records to identify missing or mismatched transactions.
Recurring Payment
A recurring payment is a payment automatically collected at regular intervals according to an agreed schedule.
Example: A customer pays a monthly software subscription automatically with recurring payments.
Remittance
A remittance is a transfer of money across borders, from one individual to another.
Example: A worker can send money from the UAE to family members in another country by remittance.
S
Scan to Pay
Scan to Pay is a payment experience where a customer scans a QR code to complete a payment.
Example: A customer scans a restaurant’s QR code on Cray with a compatible wallet and pays the displayed amount.
Seed Phrase
A seed phrase is a sequence of words used to generate or recover a cryptocurrency wallet. Anyone with the seed phrase may be able to access the associated assets, so it should be kept private.
Example: A user can restore a self-custodial wallet on a new device using its seed phrase.
Self-Custody
Self-custody means that the user controls the credentials or keys needed to access their digital assets rather than relying entirely on a third party.
Example: A user holding USDC in a self-custodial wallet controls access to those funds directly.
Settlement
Settlement is the process through which funds or assets are finally transferred to the recipient after a payment has been processed.
Example: A merchant accepting USDC may receive the stablecoin directly or settle into a chosen fiat currency.
Slippage
Slippage is the difference between the expected price of a trade and the price at which the trade actually executes. It is particularly relevant in decentralized exchanges and low-liquidity markets.
Example: A user expecting to receive 100 USDC may receive slightly less due to slippage.
Smart Contract
A smart contract is a program deployed on a blockchain that automatically executes predefined logic when its conditions are met.
Example: A smart contract can hold funds and release them when specific transaction conditions are satisfied.
Spending Limit
A spending limit is a predefined maximum amount that can be spent through a card, wallet, or account over a specified period.
Example: A business can give an employee a corporate card with a monthly spending limit of $2,000.
Stablecoin
A stablecoin is a cryptocurrency designed to maintain a stable value by being pegged to fiat currencies such as the USD or AED. Stablecoins can be transferred on blockchain networks and are increasingly used for payments and settlement.
Example: USDC and USDT are stablecoins with a value equal to 1 USD.
Stablecoin Checkout
Stablecoin checkout is a checkout experience that allows customers to pay for goods or services using stablecoins. It can use wallets, QR codes, payment links, or other interfaces.
Example: An online merchant can offer USDC as a payment option alongside cards at checkout.
Stablecoin Transfer
A stablecoin transfer is the movement of a stablecoin from one blockchain address or wallet to another.
Example: A customer can transfer 100 USDC from their wallet to a merchant’s wallet.
SWIFT
SWIFT is a global messaging network used by financial institutions to exchange standardized instructions related to international financial transactions. SWIFT itself does not directly move money between accounts.
Example: A bank can use SWIFT messaging to instruct an international transfer between financial institutions.
T
Tap to Pay
Tap to Pay allows a customer to make a payment by bringing a compatible card, smartphone, or wearable close to a payment terminal.
Example: A customer taps their phone on a contactless terminal to pay for a meal.
Token
A token is a digital asset created and represented on a blockchain.
Example: USDC is a token that represents dollar-denominated value.
Tokenization
Tokenization is the process of representing an asset, value, or sensitive information as a digital token or substitute. Tokenization can also replace sensitive card information with a token.
Example: A payment system can replace a customer’s card number with a token for future transactions.
Transaction Hash
A transaction hash is a unique identifier generated for a blockchain transaction. It can be used to locate and verify transaction details on a blockchain explorer.
Example: After sending USDC, a user can share the transaction hash so another person can verify the transaction on-chain.
Treasury
Treasury refers to the management of an organization’s financial assets, liquidity, cash flows, and related financial obligations.
Example: A business may manage its USD, EUR, and stablecoin balances as part of its treasury operations.
Two-Factor Authentication (2FA)
Two-factor authentication (2FA) is a security method that requires two different forms of verification to access an account or perform certain actions.
Example: A user may enter a password and then confirm a login with a one-time code.
U
UPI
UPI (Unified Payments Interface) is an instant payment system developed in India that enables users to transfer money between bank accounts instantly.
Example: A customer in India can scan a merchant’s UPI QR code and pay directly from their bank account.
USDC
USDC (USD Coin) is a USD-denominated stablecoin issued by Circle.
Example: A customer can pay a merchant 100 USDC via Cray, while the merchant can choose how to manage or settle those funds.
USDT
USDT (Tether) is a US dollar-denominated stablecoin issued by Tether.
Example: A customer can send USDT to a merchant using Cray to pay for a purchase.
User Authentication
User authentication is the process of verifying that someone attempting to access an account or perform an action is the authorized user.
Example: A user may authenticate with a password, passkey, biometric check, or two-factor authentication.
V
Verification
Verification is the process of checking whether information, a transaction, identity, or action is valid and meets specified requirements.
Example: A payment system may verify that a stablecoin transaction has the correct amount and destination before accepting it.
Virtual Account
A virtual account is a digital bank account or account identifier used to receive or manage funds without necessarily being a traditional physical bank account.
Example: A business may receive USD payments through a virtual account linked to its financial platform.
Virtual Card
A virtual card is a digital version of a payment card that can be used for online purchases without requiring a physical card.
Example: A business can issue a virtual card to an employee for software subscriptions.
Volatility
Volatility measures how significantly the price of an asset changes over time. Higher volatility means an asset’s value can fluctuate more sharply.
Example: A highly volatile cryptocurrency may change in value significantly within a single day, while a stablecoin is designed to reduce such fluctuations.
W
Wallet
A wallet is a software or hardware tool used to manage digital assets and interact with blockchain networks. Depending on its design, a wallet can store or manage keys, send and receive assets, and interact with applications.
Example: A customer can use a wallet to hold USDC and pay a Cray merchant.
Wallet Address
A wallet address is a blockchain identifier used to send and receive digital assets. It can generally be shared publicly, unlike the private key associated with the wallet.
Example: A merchant can provide its wallet address for customers to send USDC.
WalletConnect
WalletConnect is an open protocol that allows blockchain wallets to connect and interact with decentralized applications and other services.
Example: A user can connect a compatible wallet to a Web3 application using WalletConnect.
Wallet Provider
A wallet provider is a company, application, or service that provides users with access to wallet functionality.
Example: A wallet provider can allow users to create wallets, manage assets, and sign blockchain transactions.
Wallet Recovery
Wallet recovery is the process of regaining access to a wallet after losing access to a device, credentials, or other authentication mechanism.
Example: A self-custodial wallet may be recovered using a seed phrase.
Web3
Web3 broadly refers to internet applications and services that incorporate blockchain networks, digital assets, wallets, and decentralized technologies.
Example: A Web3 application may allow users to connect a wallet and interact directly with blockchain-based services.
Wire Transfer
A wire transfer is an electronic transfer of funds between bank accounts, often used for larger-value or international payments.
Example: A company can send a wire transfer to an overseas supplier using the supplier’s banking details.
Wrapped Token
A wrapped token is a token representing another digital asset on a blockchain or network where the original asset does not natively operate.
Example: A wrapped version of an asset can allow it to interact with smart contracts on another compatible network.
Y
Yield
Yield refers to the return generated by holding, lending, staking, or otherwise deploying an asset. It is commonly expressed as a percentage over a specified period.
Example: A platform offering 4% annual yield on eligible stablecoin balances is providing a yield opportunity.
Z
Zero-Knowledge Proof (ZK Proof)
A zero-knowledge proof (ZK proof) is a cryptographic method that allows one party to prove that something is true without revealing the underlying information itself.
Example: A system could prove that a user satisfies a particular condition without revealing all of the user’s underlying data.
Zero-Confirmation Transaction
A zero-confirmation transaction is a blockchain transaction that has been broadcast to the network but has not yet been included in a confirmed block.
Example: A merchant may detect a customer’s transaction immediately but wait for confirmation before considering the payment final.
ZK-Rollup
A ZK-Rollup is a Layer 2 scaling solution that processes transactions outside the main blockchain and uses zero-knowledge proofs to verify batches of transactions.
Example: A ZK-Rollup can process many transactions and submit a proof to Ethereum rather than recording every transaction individually on the Ethereum mainnet.