| Term | Definition |
|---|---|
| Native USDC | Digital dollar issued by Circle, with no version wrapped by third parties |
| Circle CCTP | Protocol that moves USDC across networks through native burning and reminting, with no bridge |
| USDY | Ondo Finance token backed by short-term U.S. Treasuries and bank deposits |
| BUIDL | BlackRock tokenized fund, backed by Treasuries and repurchase agreements |
| Non-custodial | Model in which keys and funds remain with the client, never with TESA |
| Allocation policy | The set of assets approved by the company and the proportion between them |
| Rebalancing | Adjusting the proportion between assets as the rate spread changes |
| Daily liquidity | The ability to redeem the balance at any time, with no window or lock-up period |
| Wrapped token | A synthetic version of an asset issued by a third party, a model TESA does not use |
Reference
Key Concepts
Glossary of terms used in the TESA documentation