> ## 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.

# Reserves

> What backs USDh, who manages it, where to see it, and what holders can claim.

**Every USDh in circulation is backed by reserves held in US dollars and short-term US government debt.** This page sets out what those reserves are, who manages them, where to see them, and how they are held in law.

## What's held

| Asset | What it is |
| - | - |
| **US dollars** | Cash held with Hamilton's banking partners |
| **US Treasury bills** | Short-term loans to the US government |
| **Stablecoins backed by Treasury bills** | USDC, and AUSD, a stablecoin issued by Agora and backed by US Treasury bills |

The reserves are held for safety and an easy exit, not for income. They are not lent to other borrowers.

## How they're managed

The approach is deliberately simple:

* **Buy and hold until maturity.** No trading strategy.
* **No borrowing** against the reserves.
* **No derivatives.**

Supply and reserves move together. USDh started with zero supply, so every USDh in circulation was created against money that came in.

For digital assets, the policy is conservative. Only fiat-backed stablecoins from established issuers are held. Most digital holdings sit in cold storage behind wallets that need several signatures. Other DeFi protocols, privacy coins and algorithmic stablecoins are not used.

## Who manages them

The reserves are managed by **Publius Reserve Management Limited (PRM)**, a British Virgin Islands company that does nothing else. PRM is separate from the issuer, Hamilton Digital Assets Limited (HDA), and keeps its own balance sheet. Both are owned by Publius Foundation. See [Company structure](https://docs.hamilton.xyz/legal/legal-structure.md).

PRM works through named partners: **Arqaam Securities** (broker and custodian, Dubai International Financial Centre), and **Meow** and **Anchorage** for banking and conversions. What each one does, and what none of them can do, is on [Partners](https://docs.hamilton.xyz/trust-and-transparency/who-we-work-with.md).

## Where to see current holdings

Holdings are published on the **Transparency** page in the [Hamilton app](https://app.hamilton.xyz), under **Reserves & Attestation**. It lists each asset, its amount and its share of the reserves. The same page shows how much USDh exists.

These figures are published by Hamilton and **have not been checked by an independent firm yet**. Monthly reports from an independent firm are planned, each within 30 days of month end. Until then, Mint Users can ask their onboarding contact for reserve documents. What you can check on the blockchain yourself is on [Verify on-chain](https://docs.hamilton.xyz/trust-and-transparency/check-us-yourself.md).

## The fine print

For anyone reviewing Hamilton, the legal position is stated plainly:

* **The reserves are not held in trust.** They support HDA's duty to redeem, but they are not the property of USDh holders.
* **Holders are unsecured creditors.** If HDA failed, a holder's claim would be that of an unsecured creditor under contract. Holders have no direct claim on PRM or on the reserve assets.
* **No deposit insurance.** USDh is not a bank deposit and is not covered by any government guarantee or insurance scheme.
* **No client money rules.** The reserves are not held as segregated client money under any regulator's rules.

*This page is for information only. It is not an offer to sell or a request to buy any asset, and it is not investment, legal or tax advice.*

*Last updated: 10 November 2026*


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