{
  "version": "2026-10-v1",
  "checked": "2026-10-21",
  "title": "Who Powers Tokenized Funds? Infrastructure and Disclosure Review",
  "period": "October 2026 baseline, as of 21 October",
  "unit": "Named fund, sub-fund or feeder product; not issuer, blockchain deployment or dollar of assets",
  "selection": "Purposive public-documentation sample: eleven named fund products already researched in Network Explorer, plus USYC, OpenEden TBILL, four Spiko sub-funds and three additional products counted as uMINT, WTSYX and FLTTX. The resulting twenty-product roster is fixed for this edition. It is not a random, exhaustive or AUM-ranked sample.",
  "unknownMeaning": "Not verified in the listed reviewed sources. This does not mean the provider or role does not exist, nor that other public or investor-only documents omit it.",
  "sources": [
    {
      "id": "buidl-launch",
      "title": "BUIDL launch announcement",
      "url": "https://investors.securitize.io/news/news-details/2024/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network-03-20-2024/default.aspx",
      "published": "2024-03-20",
      "kind": "Company launch announcement",
      "locator": "Fund service providers",
      "checked": "2026-10-21"
    },
    {
      "id": "franklin-letter",
      "title": "Franklin Templeton staff letter",
      "url": "https://www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division-investment-management-staff-no-action-interpretive-letters/franklin-templeton-081226",
      "published": "2026-08-12",
      "kind": "SEC staff letter",
      "locator": "FOBXX transfer agent and integrated records",
      "checked": "2026-10-21"
    },
    {
      "id": "wt-products",
      "title": "WisdomTree tokenized fund roster",
      "url": "https://www.wisdomtree.com/onchain/tokenized-funds",
      "published": null,
      "kind": "Company product page",
      "locator": "WTGXX, WTSYX and FLTTX rows",
      "checked": "2026-10-21"
    },
    {
      "id": "wt-regulatory",
      "title": "WisdomTree regulatory information",
      "url": "https://www.wisdomtree.com/onchain/prospectus-and-regulatory-information",
      "published": null,
      "kind": "Company regulatory information page",
      "locator": "Official ownership record; WisdomTree Transfers, Inc.",
      "checked": "2026-10-21"
    },
    {
      "id": "ustb",
      "title": "USTB fund documentation",
      "url": "https://superstate.com/assets/ustb",
      "published": null,
      "kind": "Company product page",
      "locator": "Service providers",
      "checked": "2026-10-21"
    },
    {
      "id": "uscc",
      "title": "USCC fund documentation",
      "url": "https://superstate.com/assets/uscc",
      "published": null,
      "kind": "Company product page",
      "locator": "Service providers",
      "checked": "2026-10-21"
    },
    {
      "id": "jtrsy",
      "title": "Anemoy JTRSY fund page",
      "url": "https://www.anemoy.io/funds/jtrsy",
      "published": null,
      "kind": "Company product page",
      "locator": "Fund structure and Centrifuge portfolio access",
      "checked": "2026-10-21"
    },
    {
      "id": "cushy",
      "title": "CUSHY fund documentation",
      "url": "https://superstate.com/assets/cushy",
      "published": null,
      "kind": "Company product page",
      "locator": "Service providers and product title",
      "checked": "2026-10-21"
    },
    {
      "id": "vbdc",
      "title": "VBDC fund documentation",
      "url": "https://superstate.com/assets/vbdc",
      "published": null,
      "kind": "Company product page",
      "locator": "Service providers",
      "checked": "2026-10-21"
    },
    {
      "id": "acred-launch",
      "title": "Apollo and Securitize ACRED launch",
      "url": "https://investors.securitize.io/news/news-details/2025/Apollo-and-Securitize-Announce-Partnership-and-Launch-Tokenized-Access-to-Credit-Fund-on-Aptos-Avalanche-Ethereum-Ink-Polygon-and-Solana-Networks-01-30-2025/default.aspx",
      "published": "2025-01-30",
      "kind": "Company launch announcement",
      "locator": "Digital transfer agent and fund administrator",
      "checked": "2026-10-21"
    },
    {
      "id": "hlscope-launch",
      "title": "Securitize HLSCOPE feeder launch on TRON",
      "url": "https://investors.securitize.io/news/news-details/2026/Securitize-Launches-Private-Credit-Fund-on-TRON-Blockchain/default.aspx",
      "published": "2026-06-02",
      "kind": "Company launch announcement",
      "locator": "Securitize-managed feeder",
      "checked": "2026-10-21"
    },
    {
      "id": "ousg-product",
      "title": "Ondo OUSG product page",
      "url": "https://ondo.finance/ousg",
      "published": null,
      "kind": "Company product page",
      "locator": "Limited partnership interests and portfolio",
      "checked": "2026-10-21"
    },
    {
      "id": "ousg-admin",
      "title": "OUSG trust and transparency",
      "url": "https://docs.ondo.finance/qualified-access-products/ousg/trust-and-transparency",
      "published": null,
      "kind": "Company documentation",
      "locator": "Reporting and NAV Consulting",
      "checked": "2026-10-21"
    },
    {
      "id": "usyc",
      "title": "Circle USYC product documentation",
      "url": "https://www.circle.com/usyc",
      "published": null,
      "kind": "Company product page",
      "locator": "Who issues USYC; token administrator",
      "checked": "2026-10-21"
    },
    {
      "id": "tbill",
      "title": "OpenEden TBILL FAQ",
      "url": "https://docs.openeden.com/tbill/faq",
      "published": null,
      "kind": "Company documentation",
      "locator": "Vault service providers and developer",
      "checked": "2026-10-21"
    },
    {
      "id": "spiko-prospectus",
      "title": "Spiko SICAV prospectus",
      "url": "https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf",
      "published": "2026-09-01",
      "kind": "Issuer prospectus",
      "locator": "Cover; printed pages 8-10 (PDF pages 8-10)",
      "checked": "2026-10-21"
    },
    {
      "id": "umint-launch",
      "title": "UBS uMINT launch announcement",
      "url": "https://www.ubs.com/global/en/media/display-page-ndp/en-20241101-first-tokenized-investment-fund.html",
      "published": "2024-11-01",
      "kind": "Company launch announcement",
      "locator": "Fund launch and UBS Tokenize",
      "checked": "2026-10-21"
    }
  ],
  "roles": [
    {
      "id": "custody",
      "label": "Fund custody / depositary",
      "definition": "Named custody or depositary appointment for the reviewed fund's assets. Investor-wallet support and the custody of an underlying fund are not inherited."
    },
    {
      "id": "administration",
      "label": "Fund administration",
      "definition": "Explicit fund administrator or accounting/administrative agent. A NAV calculation agent or token administrator alone does not qualify."
    },
    {
      "id": "transfer",
      "label": "Transfer agency",
      "definition": "Explicit transfer-agent appointment or delegation. A platform or distribution relationship alone does not qualify."
    },
    {
      "id": "records",
      "label": "Token / share-record infrastructure",
      "definition": "Named tokenization platform, token administrator, vault developer or share-register operator, with the exact function retained. These functions are not equivalent services."
    }
  ],
  "funds": [
    {
      "id": "buidl",
      "ticker": "BUIDL",
      "name": "BlackRock USD Institutional Digital Liquidity Fund",
      "structure": "Fund product",
      "family": "BlackRock",
      "sources": [
        "buidl-launch"
      ],
      "note": "Launch-date appointments; continued appointment in October is not independently confirmed. Investor wallet providers are excluded.",
      "claims": [
        {
          "role": "custody",
          "provider": "Bank of New York Mellon",
          "source": "buidl-launch",
          "scope": "Fund asset custodian at launch"
        },
        {
          "role": "administration",
          "provider": "Bank of New York Mellon",
          "source": "buidl-launch",
          "scope": "Fund administrator at launch"
        },
        {
          "role": "transfer",
          "provider": "Securitize",
          "source": "buidl-launch",
          "scope": "Transfer agent at launch"
        },
        {
          "role": "records",
          "provider": "Securitize",
          "source": "buidl-launch",
          "scope": "Tokenization platform at launch"
        }
      ]
    },
    {
      "id": "fobxx",
      "ticker": "FOBXX",
      "name": "Franklin OnChain U.S. Government Money Fund",
      "structure": "Fund product",
      "family": "Franklin Templeton",
      "sources": [
        "franklin-letter"
      ],
      "note": "Letter describes the integrated ownership record. It is not an SEC endorsement of the fund or its technology.",
      "claims": [
        {
          "role": "transfer",
          "provider": "Franklin Templeton Investor Services, LLC",
          "source": "franklin-letter",
          "scope": "Transfer agent (FTIS)"
        },
        {
          "role": "records",
          "provider": "Franklin Templeton Investor Services, LLC",
          "source": "franklin-letter",
          "scope": "Integrated book-entry and blockchain share record"
        }
      ]
    },
    {
      "id": "wtgxx",
      "ticker": "WTGXX",
      "name": "WisdomTree Treasury Money Market Digital Fund",
      "structure": "Fund product",
      "family": "WisdomTree",
      "sources": [
        "wt-products",
        "wt-regulatory"
      ],
      "note": "Offchain registry is the official ownership record. Fund-specific custodian/admin not verified; linked prospectus viewer was inaccessible during review.",
      "claims": [
        {
          "role": "transfer",
          "provider": "WisdomTree Transfers, Inc.",
          "source": "wt-regulatory",
          "scope": "Transfer agent maintaining official offchain registry"
        },
        {
          "role": "records",
          "provider": "WisdomTree Transfers, Inc.",
          "source": "wt-regulatory",
          "scope": "Offchain registry informed by onchain wallet movements"
        }
      ]
    },
    {
      "id": "ustb",
      "ticker": "USTB",
      "name": "Invesco Short Duration US Government Securities Fund",
      "structure": "Fund product",
      "family": "Superstate-hosted",
      "sources": [
        "ustb"
      ],
      "note": "NAV Fund Services is identified as NAV calculation agent, not assumed to be fund administrator. No AUM used in this report.",
      "claims": [
        {
          "role": "custody",
          "provider": "BNY",
          "source": "ustb",
          "scope": "Named custodian; source uses BNY brand"
        },
        {
          "role": "transfer",
          "provider": "Superstate Services LLC",
          "source": "ustb",
          "scope": "Transfer agent"
        }
      ]
    },
    {
      "id": "uscc",
      "ticker": "USCC",
      "name": "Bitwise Crypto Carry Fund",
      "structure": "Fund product",
      "family": "Superstate-hosted",
      "sources": [
        "uscc"
      ],
      "note": "NAV calculation is not counted as fund administration. Network allocations and fund AUM are not aggregated.",
      "claims": [
        {
          "role": "custody",
          "provider": "Anchorage Digital",
          "source": "uscc",
          "scope": "Named custodian; exact contracting entity not resolved here"
        },
        {
          "role": "transfer",
          "provider": "Superstate Services LLC",
          "source": "uscc",
          "scope": "Transfer agent"
        }
      ]
    },
    {
      "id": "jtrsy",
      "ticker": "JTRSY",
      "name": "Janus Henderson Anemoy Treasury Fund",
      "structure": "Fund product",
      "family": "Anemoy",
      "sources": [
        "jtrsy"
      ],
      "note": "Generic references to custody and administration do not identify a provider and are not counted.",
      "claims": [
        {
          "role": "records",
          "provider": "Centrifuge",
          "source": "jtrsy",
          "scope": "Onchain portfolio infrastructure; not a transfer-agent appointment"
        }
      ]
    },
    {
      "id": "cushy",
      "ticker": "CUSHY",
      "name": "Coinbase tokenized stablecoin yield fund (CUSHY)",
      "structure": "Feeder / access product",
      "family": "Superstate-hosted",
      "sources": [
        "cushy"
      ],
      "note": "Page title describes a US feeder; exact legal vehicle name not reconciled. Custody entry also refers to other unnamed qualified custodians.",
      "claims": [
        {
          "role": "custody",
          "provider": "Coinbase Custody Trust Company, LLC",
          "source": "cushy",
          "scope": "Named custodian alongside other qualified custodians; not exclusive"
        },
        {
          "role": "administration",
          "provider": "Northern Trust Global Fund Services Cayman Limited",
          "source": "cushy",
          "scope": "Fund administrator"
        },
        {
          "role": "transfer",
          "provider": "Superstate Services LLC",
          "source": "cushy",
          "scope": "Transfer agent"
        }
      ]
    },
    {
      "id": "vbdc",
      "ticker": "VBDC",
      "name": "Valinor BDC Exposure Fund",
      "structure": "Fund product",
      "family": "Superstate-hosted",
      "sources": [
        "vbdc"
      ],
      "note": "Source names administration separately from custody and transfer agency.",
      "claims": [
        {
          "role": "custody",
          "provider": "Alpaca Securities LLC",
          "source": "vbdc",
          "scope": "Custodian"
        },
        {
          "role": "administration",
          "provider": "NAV Consulting, Inc.",
          "source": "vbdc",
          "scope": "Fund administrator"
        },
        {
          "role": "transfer",
          "provider": "Superstate Services LLC",
          "source": "vbdc",
          "scope": "Transfer agent"
        }
      ]
    },
    {
      "id": "acred",
      "ticker": "ACRED",
      "name": "Apollo Diversified Credit Securitize Fund",
      "structure": "Feeder / access product",
      "family": "Securitize feeders",
      "sources": [
        "acred-launch"
      ],
      "note": "Feeder to Apollo Diversified Credit Fund; underlying fund service providers are not inherited. Appointments are launch evidence.",
      "claims": [
        {
          "role": "administration",
          "provider": "Securitize",
          "source": "acred-launch",
          "scope": "Feeder fund administrator"
        },
        {
          "role": "transfer",
          "provider": "Securitize",
          "source": "acred-launch",
          "scope": "Digital transfer agent for feeder"
        },
        {
          "role": "records",
          "provider": "Securitize",
          "source": "acred-launch",
          "scope": "Feeder tokenization platform"
        }
      ]
    },
    {
      "id": "hlscope",
      "ticker": "HLSCOPE",
      "name": "Securitize feeder to Hamilton Lane Senior Credit Opportunities Fund",
      "structure": "Feeder / access product",
      "family": "Securitize feeders",
      "sources": [
        "hlscope-launch"
      ],
      "note": "Securitize-managed feeder, not a second count of the underlying Hamilton Lane fund. Platform role does not establish transfer agency.",
      "claims": [
        {
          "role": "records",
          "provider": "Securitize",
          "source": "hlscope-launch",
          "scope": "Tokenized feeder issuance platform"
        }
      ]
    },
    {
      "id": "ousg",
      "ticker": "OUSG",
      "name": "Ondo Short-Term US Treasuries Fund",
      "structure": "Fund product",
      "family": "Ondo",
      "sources": [
        "ousg-product",
        "ousg-admin"
      ],
      "note": "Limited partnership interests. Underlying fund custodians and transfer agents are not OUSG appointments.",
      "claims": [
        {
          "role": "administration",
          "provider": "NAV Consulting",
          "source": "ousg-admin",
          "scope": "Fund administrator; legal suffix not specified in reviewed documentation"
        }
      ]
    },
    {
      "id": "usyc",
      "ticker": "USYC",
      "name": "Hashnote International Short Duration Fund Ltd.",
      "structure": "Fund product",
      "family": "Circle / Hashnote",
      "sources": [
        "usyc"
      ],
      "note": "Token administrator is not counted as fund administrator. Source's regulatory descriptions are not independently validated here.",
      "claims": [
        {
          "role": "records",
          "provider": "Circle International Bermuda Limited",
          "source": "usyc",
          "scope": "Token administrator for USYC on behalf of fund"
        }
      ]
    },
    {
      "id": "tbill",
      "ticker": "TBILL",
      "name": "OpenEden TBILL Fund / Vault",
      "structure": "Fund product",
      "family": "OpenEden",
      "sources": [
        "tbill"
      ],
      "note": "Exact fund legal vehicle not verified in FAQ. Vault developer is not assumed to be fund operator or transfer agent.",
      "claims": [
        {
          "role": "custody",
          "provider": "BNY",
          "source": "tbill",
          "scope": "US Treasury bills custodian"
        },
        {
          "role": "administration",
          "provider": "Protege Fund Services",
          "source": "tbill",
          "scope": "Fund administrator"
        },
        {
          "role": "records",
          "provider": "River Labs Pte Ltd",
          "source": "tbill",
          "scope": "TBILL Vault developer only"
        }
      ]
    },
    {
      "id": "spiko-ustbl",
      "ticker": "USTBL",
      "name": "Spiko US T-Bills Money Market Fund",
      "structure": "SICAV sub-fund",
      "family": "Spiko SICAV",
      "sources": [
        "spiko-prospectus"
      ],
      "note": "Common umbrella appointments, not four independent service agreements.",
      "claims": [
        {
          "role": "custody",
          "provider": "CACEIS Bank",
          "source": "spiko-prospectus",
          "scope": "Depositary / custodian"
        },
        {
          "role": "administration",
          "provider": "CACEIS Fund Administration",
          "source": "spiko-prospectus",
          "scope": "Accounting / administrative agent"
        },
        {
          "role": "transfer",
          "provider": "Spiko Finance",
          "source": "spiko-prospectus",
          "scope": "Delegated transfer-agent duties"
        },
        {
          "role": "records",
          "provider": "Spiko Finance",
          "source": "spiko-prospectus",
          "scope": "DLT shareholder register"
        }
      ]
    },
    {
      "id": "spiko-eutbl",
      "ticker": "EUTBL",
      "name": "Spiko EU T-Bills Money Market Fund",
      "structure": "SICAV sub-fund",
      "family": "Spiko SICAV",
      "sources": [
        "spiko-prospectus"
      ],
      "note": "Common umbrella appointments, not four independent service agreements.",
      "claims": [
        {
          "role": "custody",
          "provider": "CACEIS Bank",
          "source": "spiko-prospectus",
          "scope": "Depositary / custodian"
        },
        {
          "role": "administration",
          "provider": "CACEIS Fund Administration",
          "source": "spiko-prospectus",
          "scope": "Accounting / administrative agent"
        },
        {
          "role": "transfer",
          "provider": "Spiko Finance",
          "source": "spiko-prospectus",
          "scope": "Delegated transfer-agent duties"
        },
        {
          "role": "records",
          "provider": "Spiko Finance",
          "source": "spiko-prospectus",
          "scope": "DLT shareholder register"
        }
      ]
    },
    {
      "id": "spiko-uktbl",
      "ticker": "UKTBL",
      "name": "Spiko UK T-Bills Money Market Fund",
      "structure": "SICAV sub-fund",
      "family": "Spiko SICAV",
      "sources": [
        "spiko-prospectus"
      ],
      "note": "Common umbrella appointments, not four independent service agreements.",
      "claims": [
        {
          "role": "custody",
          "provider": "CACEIS Bank",
          "source": "spiko-prospectus",
          "scope": "Depositary / custodian"
        },
        {
          "role": "administration",
          "provider": "CACEIS Fund Administration",
          "source": "spiko-prospectus",
          "scope": "Accounting / administrative agent"
        },
        {
          "role": "transfer",
          "provider": "Spiko Finance",
          "source": "spiko-prospectus",
          "scope": "Delegated transfer-agent duties"
        },
        {
          "role": "records",
          "provider": "Spiko Finance",
          "source": "spiko-prospectus",
          "scope": "DLT shareholder register"
        }
      ]
    },
    {
      "id": "spiko-safo",
      "ticker": "SAFO",
      "name": "Spiko Amundi Overnight Swap Fund",
      "structure": "SICAV sub-fund",
      "family": "Spiko SICAV",
      "sources": [
        "spiko-prospectus"
      ],
      "note": "Swap-based sub-fund, not a Treasury bill fund. Common umbrella appointments.",
      "claims": [
        {
          "role": "custody",
          "provider": "CACEIS Bank",
          "source": "spiko-prospectus",
          "scope": "Depositary / custodian"
        },
        {
          "role": "administration",
          "provider": "CACEIS Fund Administration",
          "source": "spiko-prospectus",
          "scope": "Accounting / administrative agent"
        },
        {
          "role": "transfer",
          "provider": "Spiko Finance",
          "source": "spiko-prospectus",
          "scope": "Delegated transfer-agent duties"
        },
        {
          "role": "records",
          "provider": "Spiko Finance",
          "source": "spiko-prospectus",
          "scope": "DLT shareholder register"
        }
      ]
    },
    {
      "id": "umint",
      "ticker": "uMINT",
      "name": "UBS USD Money Market Investment Fund Token",
      "structure": "Fund product",
      "family": "UBS",
      "sources": [
        "umint-launch"
      ],
      "note": "Launch evidence, not confirmation of all October appointments. UBS group assets are not uMINT assets.",
      "claims": [
        {
          "role": "records",
          "provider": "UBS Tokenize",
          "source": "umint-launch",
          "scope": "In-house tokenization service associated with fund launch"
        }
      ]
    },
    {
      "id": "wtsyx",
      "ticker": "WTSYX",
      "name": "WisdomTree Short-Term Treasury Digital Fund",
      "structure": "Fund product",
      "family": "WisdomTree",
      "sources": [
        "wt-products",
        "wt-regulatory"
      ],
      "note": "Official ownership register is offchain. Shared suite documentation; fund-specific custodian/admin not verified because prospectus viewer was inaccessible.",
      "claims": [
        {
          "role": "transfer",
          "provider": "WisdomTree Transfers, Inc.",
          "source": "wt-regulatory",
          "scope": "Transfer agent maintaining official offchain registry"
        },
        {
          "role": "records",
          "provider": "WisdomTree Transfers, Inc.",
          "source": "wt-regulatory",
          "scope": "Offchain registry informed by onchain wallet movements"
        }
      ]
    },
    {
      "id": "flttx",
      "ticker": "FLTTX",
      "name": "WisdomTree Floating Rate Treasury Digital Fund",
      "structure": "Fund product",
      "family": "WisdomTree",
      "sources": [
        "wt-products",
        "wt-regulatory"
      ],
      "note": "Official ownership register is offchain. Shared suite documentation; fund-specific custodian/admin not verified because prospectus viewer was inaccessible.",
      "claims": [
        {
          "role": "transfer",
          "provider": "WisdomTree Transfers, Inc.",
          "source": "wt-regulatory",
          "scope": "Transfer agent maintaining official offchain registry"
        },
        {
          "role": "records",
          "provider": "WisdomTree Transfers, Inc.",
          "source": "wt-regulatory",
          "scope": "Offchain registry informed by onchain wallet movements"
        }
      ]
    }
  ],
  "statistics": {
    "version": "2026-10-v1",
    "checked": "2026-10-21",
    "products": 20,
    "sources": 17,
    "observations": 80,
    "namedObservations": 49,
    "coverage": [
      {
        "id": "custody",
        "label": "Fund custody / depositary",
        "definition": "Named custody or depositary appointment for the reviewed fund's assets. Investor-wallet support and the custody of an underlying fund are not inherited.",
        "named": 10,
        "denominator": 20
      },
      {
        "id": "administration",
        "label": "Fund administration",
        "definition": "Explicit fund administrator or accounting/administrative agent. A NAV calculation agent or token administrator alone does not qualify.",
        "named": 10,
        "denominator": 20
      },
      {
        "id": "transfer",
        "label": "Transfer agency",
        "definition": "Explicit transfer-agent appointment or delegation. A platform or distribution relationship alone does not qualify.",
        "named": 14,
        "denominator": 20
      },
      {
        "id": "records",
        "label": "Token / share-record infrastructure",
        "definition": "Named tokenization platform, token administrator, vault developer or share-register operator, with the exact function retained. These functions are not equivalent services.",
        "named": 15,
        "denominator": 20
      }
    ],
    "structures": [
      {
        "label": "Fund product",
        "count": 13
      },
      {
        "label": "Feeder / access product",
        "count": 3
      },
      {
        "label": "SICAV sub-fund",
        "count": 4
      }
    ],
    "allFour": 5
  }
}