> For the complete documentation index, see [llms.txt](https://docs.hamilton.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hamilton.xyz/using-hamilton/access-and-eligibility.md).

# Access & Eligibility

Hamilton has two kinds of users, and the difference determines what you can do and what rights you have.

### Primary Users vs. Holding Users

|                                   | Primary Users                                          | Holding Users               |
| --------------------------------- | ------------------------------------------------------ | --------------------------- |
| Who                               | Onboarded institutions and professional counterparties | Anyone else holding USDh    |
| Relationship with the issuer      | Contractual (Primary User Agreement)                   | None — not customers of HDA |
| Mint / redeem with the issuer     | ✅ Yes, via whitelisted wallet                          | ❌ No                        |
| Hold, transfer, swap, use in DeFi | ✅                                                      | ✅                           |
| Stake into sUSDh                  | ✅                                                      | ✅ (no KYC required)         |
| KYC required                      | Full KYC/KYB                                           | None                        |

A Holding User can become a Primary User by completing onboarding — see Minting & Redeeming.

### KYC

* **Holding and staking require no KYC.** Connecting a wallet, swapping, and staking are permissionless at the protocol level.
* **Minting and redeeming require full KYC/KYB** — identity verification, beneficial-ownership checks, and sanctions/PEP screening against OFAC, UN, EU, and UK lists, at onboarding and on an ongoing basis.

### Restricted Territories

USDh and the staking protocol are **not offered** to persons located or resident in Restricted Territories, which include:

* the **United States** (and its territories), the **United Kingdom**, the **European Union**, the **European Economic Area** (incl. Iceland, Liechtenstein, Norway), and **Switzerland**;
* any jurisdiction under comprehensive sanctions (incl. Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, and Luhansk regions of Ukraine);
* these additional jurisdictions: Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, DR Congo, Ethiopia, Guinea-Bissau, Côte d'Ivoire, Lebanon, Liberia, Libya, Mali, Myanmar, Nicaragua, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Venezuela, Yemen, Zimbabwe;
* any other jurisdiction designated from time to time at hamilton.xyz.

Restrictions are enforced through IP-based geofencing, wallet-address screening, and KYC residency verification. By using the app or holding USDh you represent that you are not in a Restricted Territory and not a sanctioned or restricted person. The authoritative list lives in the USDh Terms and Conditions — see Terms, Policies & Documents.

### Wallet policy and compliance controls

Primary Users operate exactly **one verified self-custodial wallet**, enforced by on-chain whitelists. At the token level, compliance controls are deliberately narrow: addresses linked to sanctions or illicit activity can be frozen (freeze-only — the contract cannot confiscate balances), and the global pause exists for emergencies. See Security & Audits.