diff --git a/wp-includes/capabilities.php b/wp-includes/capabilities.php
index 6b6182a030..881075f1e2 100644
--- a/wp-includes/capabilities.php
+++ b/wp-includes/capabilities.php
@@ -541,7 +541,7 @@ function map_meta_cap( $cap, $user_id, ...$args ) {
 
 			if ( 'delete_term' === $cap
 				&& ( get_option( 'default_' . $term->taxonomy ) == $term->term_id
-					|| get_option( 'default_taxonomy_' . $term->taxonomy ) == $term->term_id )
+					|| get_option( 'default_term_' . $term->taxonomy ) == $term->term_id )
 			) {
 				$caps[] = 'do_not_allow';
 				break;
diff --git a/wp-includes/post.php b/wp-includes/post.php
index dfaec48149..8702d3e796 100644
--- a/wp-includes/post.php
+++ b/wp-includes/post.php
@@ -4061,7 +4061,7 @@ function wp_insert_post( $postarr, $wp_error = false ) {
 				}
 
 				if ( empty( $postarr['tax_input'][ $taxonomy ] ) ) {
-					$default_term_id = get_option( 'default_taxonomy_' . $taxonomy );
+					$default_term_id = get_option( 'default_term_' . $taxonomy );
 					if ( ! empty( $default_term_id ) ) {
 						$postarr['tax_input'][ $taxonomy ] = array( (int) $default_term_id );
 					}
diff --git a/wp-includes/taxonomy.php b/wp-includes/taxonomy.php
index d7179fa31b..03eae33660 100644
--- a/wp-includes/taxonomy.php
+++ b/wp-includes/taxonomy.php
@@ -444,7 +444,7 @@ function register_taxonomy( $taxonomy, $object_type, $args = array() ) {
 	if ( ! empty( $taxonomy_object->default_term ) ) {
 		$term = term_exists( $taxonomy_object->default_term['name'], $taxonomy );
 		if ( $term ) {
-			update_option( 'default_taxonomy_' . $taxonomy_object->name, $term['term_id'] );
+			update_option( 'default_term_' . $taxonomy_object->name, $term['term_id'] );
 		} else {
 			$term = wp_insert_term(
 				$taxonomy_object->default_term['name'],
@@ -457,7 +457,7 @@ function register_taxonomy( $taxonomy, $object_type, $args = array() ) {
 
 			// Update `term_id` in options.
 			if ( ! is_wp_error( $term ) ) {
-				update_option( 'default_taxonomy_' . $taxonomy_object->name, $term['term_id'] );
+				update_option( 'default_term_' . $taxonomy_object->name, $term['term_id'] );
 			}
 		}
 	}
@@ -508,7 +508,7 @@ function unregister_taxonomy( $taxonomy ) {
 
 	// Remove custom taxonomy default term option.
 	if ( ! empty( $taxonomy_object->default_term ) ) {
-		delete_option( 'default_taxonomy_' . $taxonomy_object->name );
+		delete_option( 'default_term_' . $taxonomy_object->name );
 	}
 
 	// Remove the taxonomy.
@@ -1834,7 +1834,7 @@ function wp_delete_term( $term, $taxonomy, $args = array() ) {
 	// Don't delete the default custom taxonomy term.
 	$taxonomy_object = get_taxonomy( $taxonomy );
 	if ( ! empty( $taxonomy_object->default_term ) ) {
-		$defaults['default'] = (int) get_option( 'default_taxonomy_' . $taxonomy );
+		$defaults['default'] = (int) get_option( 'default_term_' . $taxonomy );
 		if ( $defaults['default'] === $term ) {
 			return 0;
 		}
diff --git a/wp-includes/version.php b/wp-includes/version.php
index 17aed91a9c..3b0a51fecd 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -13,7 +13,7 @@
  *
  * @global string $wp_version
  */
-$wp_version = '5.5-beta4-48664';
+$wp_version = '5.5-beta4-48665';
 
 /**
  * Holds the WordPress DB revision, increments when changes are made to the WordPress DB schema.