Company structure - Hamilton

Hamilton is run through four separate companies, each with one job. They are kept apart on purpose: the company that manages the reserves is not the company that issues USDh. This page shows who they are and, most important, who you have a claim against.

Who’s who

Company	Where	What it does	What it does not do
Publius Foundation	Panama	The parent. Owns HDA and PRM, and holds Hamilton’s intellectual property	Does not issue USDh
Hamilton Digital Assets Ltd (HDA)	British Virgin Islands, company no. 2195417	Issues USDh. Mints and redeems for Mint Users and approved routes	Does not manage the reserves
Publius Reserve Management Ltd (PRM)	British Virgin Islands, company no. 2195424	Manages the reserves for HDA, through outside partners. Has its own balance sheet	Has no relationship with holders. Holders have no claim on PRM
Hamilton Treasury Inc. (HTI)	Delaware, USA	Builds and runs the technology, and employs the team	Does not issue USDh or hold reserves

Who you have a claim against

If you are	Your relationship	What that means
A Mint User (an onboarded business)	A signed Mint user agreement with HDA	You can redeem USDh with HDA, one for one, on the terms of that agreement. If HDA failed, you would be an unsecured creditor of HDA
Anyone else holding USDh	None with HDA	You can hold, send and swap USDh, but you have no direct right to redeem with HDA. You exit by selling, or through an approved route. Any business can apply to become a Mint User

Three things hold for everyone:

The reserves are not held in trust for holders.
Nobody has a claim on PRM or directly on the reserve assets.
USDh is not a bank deposit and is not covered by any deposit insurance.

Where the governing terms are

The documents that set out these rights are on All documents. This page is a plain-language summary. Where it differs from the legal documents, the legal documents prevail. Last updated: 10 November 2026