Alpaca Securities LLC
1reviewed productsVBDC
Source names: Alpaca Securities LLCRead appointment evidence
VBDC
Custodian. VBDC fund documentation · Checked 2026-10-21
FLUIDRWA NETWORK EXPLORER
Compare fund models
See who handles custody, administration, transfer agency and digital records across researched tokenized funds.
20 fund products · Sources checked 21 October 2026 · Published 23 October 2026.
Fund operating-model comparison
| Responsibility | FOBXXFranklin OnChain U.S. Government Money FundFund product | USTBLSpiko US T-Bills Money Market FundSICAV sub-fund | WTGXXWisdomTree Treasury Money Market Digital FundFund product |
|---|---|---|---|
| Fund custody / depositaryNamed custody or depositary appointment for the reviewed fund's assets. Investor-wallet support and the custody of an underlying fund are not inherited. | Not identified in reviewed sources | CACEIS Bank Depositary / custodian Spiko SICAV prospectus Published 2026-09-01 · Checked 2026-10-21 | Not identified in reviewed sources |
| Fund administrationExplicit fund administrator or accounting/administrative agent. A NAV calculation agent or token administrator alone does not qualify. | Not identified in reviewed sources | CACEIS Fund Administration Accounting / administrative agent Spiko SICAV prospectus Published 2026-09-01 · Checked 2026-10-21 | Not identified in reviewed sources |
| Transfer agencyExplicit transfer-agent appointment or delegation. A platform or distribution relationship alone does not qualify. | Franklin Templeton Investor Services, LLC Transfer agent (FTIS) Franklin Templeton staff letter Published 2026-08-12 · Checked 2026-10-21 | Spiko Finance Delegated transfer-agent duties Spiko SICAV prospectus Published 2026-09-01 · Checked 2026-10-21 | WisdomTree Transfers, Inc. Transfer agent maintaining official offchain registry WisdomTree regulatory information Publication date not supplied · Checked 2026-10-21 |
| Token / share-record infrastructureNamed tokenization platform, token administrator, vault developer or share-register operator, with the exact function retained. These functions are not equivalent services. | Franklin Templeton Investor Services, LLC Integrated book-entry and blockchain share record Franklin Templeton staff letter Published 2026-08-12 · Checked 2026-10-21 | Spiko Finance DLT shareholder register Spiko SICAV prospectus Published 2026-09-01 · Checked 2026-10-21 | WisdomTree Transfers, Inc. Offchain registry informed by onchain wallet movements WisdomTree regulatory information Publication date not supplied · Checked 2026-10-21 |
| Read before using this example | Letter describes the integrated ownership record. It is not an SEC endorsement of the fund or its technology. | Common umbrella appointments, not four independent service agreements. | Offchain registry is the official ownership record. Fund-specific custodian/admin not verified; linked prospectus viewer was inaccessible during review. |
Fund custody / depositary
Named custody or depositary appointment for the reviewed fund's assets. Investor-wallet support and the custody of an underlying fund are not inherited.
FOBXX
Not identified in reviewed sources
USTBL
CACEIS Bank
Depositary / custodian
WTGXX
Not identified in reviewed sources
Fund administration
Explicit fund administrator or accounting/administrative agent. A NAV calculation agent or token administrator alone does not qualify.
FOBXX
Not identified in reviewed sources
USTBL
CACEIS Fund Administration
Accounting / administrative agent
WTGXX
Not identified in reviewed sources
Transfer agency
Explicit transfer-agent appointment or delegation. A platform or distribution relationship alone does not qualify.
FOBXX
Franklin Templeton Investor Services, LLC
Transfer agent (FTIS)
USTBL
Spiko Finance
Delegated transfer-agent duties
WTGXX
WisdomTree Transfers, Inc.
Transfer agent maintaining official offchain registry
Token / share-record infrastructure
Named tokenization platform, token administrator, vault developer or share-register operator, with the exact function retained. These functions are not equivalent services.
FOBXX
Franklin Templeton Investor Services, LLC
Integrated book-entry and blockchain share record
USTBL
Spiko Finance
DLT shareholder register
WTGXX
WisdomTree Transfers, Inc.
Offchain registry informed by onchain wallet movements
Read before using these examples
FOBXX: Letter describes the integrated ownership record. It is not an SEC endorsement of the fund or its technology.
USTBL: Common umbrella appointments, not four independent service agreements.
WTGXX: Offchain registry is the official ownership record. Fund-specific custodian/admin not verified; linked prospectus viewer was inaccessible during review.
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. These arrangements are examples, not proof that the same providers can serve your product, jurisdiction or investor group.
What would you need to check?
- The appointment. Ask for the current contracting entity, mandate, fund vehicle and effective date. A launch announcement alone does not confirm a continuing appointment.
- The ownership record. Establish which record is official and who corrects, reconciles and transfers ownership when records disagree.
- The operating boundary. Separate fund-asset custody from investor-wallet custody, and a feeder's providers from the underlying fund's providers.
- The hand-offs. Request responsibility for onboarding, cash movement, valuation, redemptions, incidents and reporting before selecting a similar arrangement.
Need this applied to your project? Request a source-backed provider shortlist or email contact@fluidrwa.com. Research scope and any fee are agreed by email before work begins.
DOCUMENTED COVERAGE, NOT A LEAGUE TABLE
Where do providers appear?
Explore appointments named in the fixed 20-product review. Counts are by product, not AUM, service quality or share of the global market.
10 of 20 reviewed products have a provider named for this responsibility. 10 remain unresolved in the reviewed sources.
Need providers for this responsibility?
Anchorage (source names grouped)
1reviewed productsUSCC
Source names: Anchorage DigitalRead appointment evidence
USCC
Named custodian; exact contracting entity not resolved here. USCC fund documentation · Checked 2026-10-21
BNY (source names grouped)
3reviewed productsBUIDL · USTB · TBILL
Source names: Bank of New York Mellon; BNYRead appointment evidence
BUIDL
Fund asset custodian at launch. BUIDL launch announcement · Checked 2026-10-21
USTB
Named custodian; source uses BNY brand. USTB fund documentation · Checked 2026-10-21
TBILL
US Treasury bills custodian. OpenEden TBILL FAQ · Checked 2026-10-21
CACEIS Bank
4reviewed productsUSTBL · EUTBL · UKTBL · SAFO
Source names: CACEIS BankSpiko's four sub-funds share umbrella appointments. Four products do not mean four independent contracts.
Read appointment evidence
USTBL
Depositary / custodian. Spiko SICAV prospectus · Checked 2026-10-21
EUTBL
Depositary / custodian. Spiko SICAV prospectus · Checked 2026-10-21
UKTBL
Depositary / custodian. Spiko SICAV prospectus · Checked 2026-10-21
SAFO
Depositary / custodian. Spiko SICAV prospectus · Checked 2026-10-21
Coinbase Custody Trust Company, LLC
1reviewed productsCUSHY
Source names: Coinbase Custody Trust Company, LLCRead appointment evidence
CUSHY
Named custodian alongside other qualified custodians; not exclusive. CUSHY fund documentation · Checked 2026-10-21
BNY source-name variants are grouped for display, not treated as a verified single contracting entity. Other unresolved names remain separate. Fund counts are not additive across providers. Self-provided services are included; paid listings do not alter the observations.
Does your company have a documented deployment? Send the primary evidence. Research inclusion is evidence-led, not purchased. For separate commercial visibility, apply for a vendor listing.
USE THE RESEARCH
A comparison you can save and cite
The fixed chart compares FOBXX, Spiko USTBL and WTGXX. It does not change with the selections above. Download the selected-fund CSV for your own comparison, or the full edition for all 20 products.
FluidRWA Research Team. The firms behind tokenized funds: operating-model comparison. Dataset 2026-10-v1, documents checked 21 October 2026. https://www.fluidrwa.com/network-explorer/fund-comparison
FluidRWA's original chart and analysis may be reused with attribution and a link to this page. Third-party documents retain their owners' rights. Cite this dated sample, not the entire RWA market. Read selection, sources and calculation methods.
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