> ## Documentation Index
> Fetch the complete documentation index at: https://docs.hamilton.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Company structure

> The companies behind Hamilton, what each one does, and who you have a claim against.

**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

```mermaid theme={null}
flowchart TB
    PF["<b>Publius Foundation</b><br/>Panama<br/>Parent"]
    HDA["<b>Hamilton Digital Assets Ltd (HDA)</b><br/>British Virgin Islands<br/>Issues USDh"]
    PRM["<b>Publius Reserve Management Ltd (PRM)</b><br/>British Virgin Islands<br/>Manages the reserves"]
    HTI["<b>Hamilton Treasury Inc. (HTI)</b><br/>Delaware, USA<br/>Technology and services"]
    PF -->|owns 100%| HDA
    PF -->|owns 100%| PRM
    PRM -.->|manages reserves for| HDA
    HTI -.->|provides technology to| HDA
```

| 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](https://docs.hamilton.xyz/legal/legal-documents.md).

*This page is a plain-language summary. Where it differs from the legal documents, the legal documents prevail.*

*Last updated: 10 November 2026*


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