USDT P2P Glossary: 40 Terms Explained (KYC, Escrow, Release, Spread, TRC20…)
Legal notice: since 1 September 2026, under Decree 284/2026/ND-CP, individuals in Vietnam who trade crypto-assets other than through a provider licensed by the Ministry of Finance can be fined 30–50 million dong. Binance, OKX and Bybit are not licensed in Vietnam. coinglee provides price information for reference only.
Exchange apps and P2P chats are full of jargon. This glossary explains the terms you’ll meet when buying or selling USDT with dong, grouped by topic, with links to guides that go deeper.
The basics
USDT (Tether)
A token issued by Tether and designed to stay worth about 1 US dollar. See what is USDT.
Stablecoin
A crypto token pegged to a stable asset, usually the US dollar. USDT and USDC are the biggest.
P2P (peer-to-peer)
Users trade directly with each other. The exchange holds the USDT in escrow, while the money goes straight from buyer to seller by bank transfer or e-wallet.
Fiat
Government-issued money such as the Vietnamese dong (VND) or the US dollar.
Exchange
A platform such as Binance, OKX or Bybit where crypto is traded. P2P is one section of the exchange.
Express / quick buy
A mode where the exchange picks a P2P offer for you. Faster, but you don’t choose the seller or see all prices.
Your account
KYC (identity verification)
Submitting your ID (CCCD or passport) and a face scan to the exchange. P2P requires it.
2FA (two-factor authentication)
A second code, from an authenticator app, passkey or SMS, needed to log in or confirm actions.
Anti-phishing code
A word you choose that appears in every genuine email from the exchange, so fake emails stand out.
Withdrawal whitelist
A setting that only allows withdrawals to addresses you’ve saved in advance.
Funding wallet / Funding account
The exchange wallet used for P2P. USDT you buy arrives here, and USDT you sell must be here.
Spot wallet / trading account
The wallet used for trading crypto against other crypto. Move USDT between Funding and Spot with a free internal transfer.
Offers and orders
Advertiser / merchant
Someone who posts buy or sell offers on P2P. Verified merchants have passed extra checks and usually posted a deposit with the exchange.
Offer (ad)
A seller’s or buyer’s listing: price, limits, payment methods and terms.
Limits
The minimum and maximum amount an offer accepts per order, in dong.
Available
How much USDT the advertiser still has to sell in that offer.
Completion rate
The share of an advertiser’s orders that finished successfully. coinglee only counts advertisers at 95% or above.
30-day orders
How many trades the advertiser completed in the last 30 days. coinglee only counts advertisers with 50+.
Payment window
How long the buyer has to pay after opening an order, usually 15 minutes.
Average release time
How long the advertiser usually takes to release USDT after being paid. Bybit and Binance show it.
Terms (remarks)
The advertiser’s own rules in the order, such as accepted banks or transfer note instructions.
Order chat
The chat inside an order. Keep all communication here. It’s what support reviews in an appeal.
During a trade
Escrow
When an order opens, the exchange locks the seller’s USDT and only passes it to the buyer once the seller confirms payment.
Mark as paid
The buyer’s button to say “I’ve transferred the money”. Only tap it after actually paying.
Release
The seller’s confirmation that payment arrived, which sends the escrowed USDT to the buyer. It can’t be undone.
Cancel
Ending an order before payment. Never cancel after you’ve paid: the USDT goes back to the seller.
Appeal
The in-order button that asks exchange support to step in when the other side doesn’t pay or release. Upload receipts and bank records.
Third-party payment
Payment from an account that isn’t in the buyer’s own name. A red flag and the basis of the triangle scam.
Prices
Buy price / sell price
What you pay per USDT when buying, and what you receive when selling. On coinglee: “You buy USDT” and “You sell USDT”.
Spread
The gap between the buy and sell price. It’s what a round trip costs you.
Reference price
The price coinglee shows: the middle of the 5 best offers that accept a trade of about 5 million VND. See the methodology.
Premium
How far the cheapest USDT buy price sits above (+) or below (−) Vietcombank’s USD selling rate. See the premium index.
Bait offer
An offer with an eye-catching price but a tiny limit or doubtful terms, designed to attract clicks.
Networks and transfers
TRC20, BEP20, ERC20
Labels for USDT on Tron, BNB Smart Chain and Ethereum. Sender and receiver must use the same network. See which network to use.
Address
The string you send USDT to. TRC20 addresses start with “T”, BEP20 and ERC20 with “0x”.
Memo / tag
An extra code some networks, such as TON, need when depositing to an exchange.
TxID (transaction hash)
The unique ID of a blockchain transfer. You need it to trace any deposit or withdrawal.
Internal transfer
Sending USDT to another user of the same exchange by email, phone or ID. Free and instant.
Self-custody wallet
A wallet where you hold the keys, protected by a seed phrase. Losing the seed phrase means losing the funds.
Risks and rules
Triangle scam
A scammer pays you for USDT with money taken from a third victim, so your account ends up in a fraud case. See triangle scams and fake payment proof.
Account freeze (“phong tỏa”)
Blocking of a bank account at an authority’s request, often after a fraud complaint. See bank account frozen after P2P.
Licensed provider
A crypto-asset service provider licensed by Vietnam’s Ministry of Finance under Resolution 05/2025/NQ-CP. None is fully licensed yet. See Vietnam crypto regulation 2026.
Decree 284
Decree 284/2026/ND-CP, in force since 1 September 2026, which fines individuals 30–50 million dong for trading crypto-assets other than through a licensed provider.