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

# Glossary

> Holders Glossary of Terms

# General Terms

| Term | Definition |
| :- | :- |
| API | Application Programming Interface - a set of rules and protocols for interaction between software components |
| Blockchain | A distributed database consisting of a chain of blocks, each containing a cryptographic link to the previous one |
| Smart contract | A program that automatically executes and enforces agreement conditions on a blockchain. Its code is stored and executed on the network, without intermediaries, according to predefined rules. |
| SDK | Software Development Kit - a collection of software development tools that allows developers to create applications for a specific platform or integrate with a service |
| Non‑custodial | A model in which the service does not store private keys and does not control user funds; the user manages them independently and can withdraw funds from their smart contract at any time. |
| Stablecoin | A type of cryptocurrency designed to maintain stable value by being pegged to a reserve asset, typically the US dollar in a 1:1 ratio |
| Visa | International payment system that processes electronic payments worldwide through a network of issuing banks and acquirers, supporting debit and credit cards |
| Bank issuer | A financial institution that issues payment cards and is responsible for card-based transactions, acting as the issuer in the payment ecosystem |
| Счет | Software wrapper over a smart contract that transforms the contract itself into a user-friendly “banking” account. |
| SEPA | Single Euro Payments Area - a unified euro payment zone that provides simplified cashless transfers between banks in participating countries (EU, EEA, Switzerland, UK and others) as easily as within one country |
| SWIFT | Society for Worldwide Interbank Financial Telecommunications - an international bank transfer system through the SWIFT network, allowing money to be sent to any country and currency, but usually with higher commission and longer timeframes than SEPA |
| Mica | Markets in Crypto-Assets Regulation (EU) 2023/1114 - European Union regulation that establishes a comprehensive regulatory framework for crypto-assets and crypto-asset service providers |
| Регулятор | Competent authority responsible for overseeing and regulating financial services, such as Česká národní banka (CNB) for crypto-asset service providers under MiCA |
| TON | [Toncoin (TON)](https://ton.org/) is the native cryptocurrency of [The Open Network (TON)](https://ton.org/), a decentralized blockchain created for fast transactions and convenient integration with the [Telegram](https://telegram.org/) ecosystem. |
| Solana | A high-performance blockchain platform that supports smart contracts and decentralized applications, with SOL as its native cryptocurrency and support for stablecoins like USDC and USDY |
| Gas | Transaction fees required to execute operations on a blockchain network, used to compensate validators for processing and validating transactions |
| Validator | Network participants responsible for verifying and validating transactions on a blockchain network |
| Backoffice | Internal administrative system used by the company to manage operations, monitor transactions, conduct compliance checks, and maintain customer records |
| Spending account | Accounts in Holders designed for linking cards and making purchases |
| Savings account | balances of the connected wallet in various currencies, used for storing funds |
| Changelly | A cryptocurrency exchange service integrated into Holders for topping up accounts with popular stablecoins |
| USDT | Tether [USDt (USDT)](https://tether.to/en/) is a stable cryptocurrency developed by Tether, based on blockchain technology and pegged to the US dollar at a 1:1 ratio. It was created to combine the stability of traditional money with the convenience and speed of cryptocurrency transactions. |
| USDC | [USDC](https://www.circle.com/usdc) (short for USD Coin) is a stablecoin created in 2018, designed to maintain stable value by pegging to a reserve asset. In the case of USDC, it is backed by the US dollar in a 1:1 ratio, meaning each token can be exchanged for one US dollar or equivalent asset stored in reserve. |
| USDY | [Ondo US Dollar Yield (USDY)](https://ondo.finance/usdy) is a tokenized financial instrument that combines the convenience of stablecoin usage with yield from ultra-safe US Treasury bonds and bank deposits. It is primarily designed for investors outside the United States. |
| Controller | A component in the system architecture responsible for managing blockchain interactions, transaction processing, and smart contract operations |
| Triple-A | A payment partner used by Holders for processing SEPA and SWIFT transfers, handling fiat currency transactions manually through support agents |
| IBAN | International Bank Account Number - a standardized format for identifying bank accounts used in SEPA transfers and international banking |
| Treasure wallet | Corporate cryptocurrency wallets used by the company to manage and store digital assets for operational purposes |
| Account brand | An identifier that indicates the source of account creation in the system. |
| Wallester | A card issuer partner that provides payment card services and processes card-based transactions for Holders users |
| KYC | Know Your Customer - identity verification procedures required for all users before accessing crypto-asset transactions, performed using external verification providers like Sumsub |
| AML | Anti-Money Laundering - compliance measures and monitoring systems used to detect and prevent money laundering, including transaction screening and risk assessment |
| Apple Pay | A mobile payment service by Apple that allows users to make payments using their Apple devices, requiring specific certificates for integration |
| Google Pay | A mobile payment service by Google that enables contactless payments through Android devices, requiring specific certificates for integration |
| Bank statement | An account statement is a document that reflects all operations on a client’s account for a selected period in the account currency: incoming transactions (returns, deposits) and expenses (payments). |
| Account ownership certificate | The certificate verifies the ownership rights of a specific individual to decentralized accounts in the Holders system. |
| Travel Rule | [Travel Rule](https://www.fatf-gafi.org/en/publications/Fatf-recommendations/Fatf-recommendations.html) is an anti-money laundering (AML) requirement under which transfers between financial institutions (banks, cryptocurrency exchanges, and others) must include basic information about the sender and recipient (including name, account number/address, in some cases residential address and other data) along with the payment. |

# Trust

| Term | Definition |
| :- | :- |
| Trust | A legal structure where a settlor transfers assets to a trustee for management in the interests of beneficiaries according to the terms of a trust agreement. |
| Vesting | Gradual acquisition of rights to assets (shares, options, tokens) according to a schedule or upon meeting specific conditions. |
| Settlor | The trust settlor — the one who contributes assets. |
| Trustee | The person/company that manages the trust according to the charter. |
| Protector | Trustee controller (can approve decisions, but should not have direct control, otherwise tax risks). |
| Beneficiary | The person who receives benefits from the trust. |
| Vested interest | Unconditional right of the beneficiary to capital or income. If it exists — there is usually no tax on capital distribution. |
| Corpus / Principal / Capital | The main body of the trust (original assets). |
| Income | Income that the trust earns (interest, profit, yield). |
| Distribution | Distribution to beneficiary — can be from capital or from income. |
| Deed of trust | The main document — the trust "charter" where all of this is recorded. |

# Funds flow

| Term | Definition |
| :- | :- |
| Authorization | Process of preliminary verification and temporary blocking of funds in a client's account to reserve funds for an upcoming operation. Confirms sufficient balance from the payer and provides the right to debit funds within a specified time period |
| Transaction | single operation that changes the state of the payment system: money transfer, payment, refund, or transaction record. Includes sender, recipient, amount, metadata, and confirmation |
| Clearing | Process of reconciliation, verification, and calculation of mutual obligations between participants based on a set of authorizations and transactions. Combines operations over a period, corrects discrepancies, and determines final amounts to be debited |
| Rollup | Mechanism for grouping multiple transactions into a single package to optimize processing and reduce fees when interacting with the blockchain |
| Partial clearing | Situation where only part of obligations or transactions are executed due to insufficient liquidity or gradual contract execution |
| Over-clearing | Case where the clearing amount exceeds the amount reserved on the client's contract due to payment system operational specifics |
| Reconciliation | Procedures for comparing data between different systems to ensure correctness of financial operations and identify discrepancies |


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