USDC plus three large tokenized cash and Treasury products.
A product name can hide a chain of firms.
The four selected products carry $82.4B. The useful question is not only who issued them. It is who manages the reserve, holds the assets, moves the token and checks the record.
USDC value through 06 September 2026; tokenized-product values through 05 September 2026. Relationship records cover different dates and roles.Productwhat the holder owns
Operating firmsissuer, manager and transfer agent
Custody and checkswho holds assets and who checks the statement
4large instruments followed
3different role-specific links named
0roles treated as interchangeable
All four selected products have a current value in the dated market records.
Share of this selected set, not of the whole digital-asset market.
Combined value of the other three selected products.
Named for USDC and BUIDL, but in different roles.
No dollar exposure is inferred because the scope of each role differs.
Underlying custody, a specific collateral arrangement and a subscription account are kept separate.
These public records do not name every bank, account or sub-custodian behind all four products.
Follow the legal and operating chain.
Each row keeps different jobs separate. A firm can issue the token, another can manage the assets, and a third can hold them. A check on a reserve statement is not custody.
| Product | Issuer | Fund or token rail | Asset manager | Named account or custody link | Independent check | Record |
|---|---|---|---|---|---|---|
| USDC$74.8B | Circle | Circle Reserve Fund | BlackRock | BNY | Deloitte | Official record |
| BUIDL$2.8B | BlackRock | Securitize | — | Standard Chartered¹ | — | Official record |
| USDY$2.2B | Ondo | USDY contracts | — | Coinbase Prime² | — | Official record |
| USYC$2.6B | Circle | USYC | — | Not in this record | — | Official record |
¹ Standard Chartered is named as custodian for the specific BUIDL collateral arrangement with OKX Middle East. It is not presented here as custodian of every BUIDL share. ² Coinbase Prime is the named USDC subscription account for USDY. That does not prove it holds every underlying asset.
USDC and BUIDL both name BlackRock, but in different roles. That is a shared relationship worth checking, not evidence that one vault holds their combined value. The role matters as much as the name.
The gap is part of the answer.
A polished product page may name the issuer and the assets but omit the full custody chain, outside banks, sub-custodians or the exact legal account. That missing link is not counted as safe or unsafe. It is simply the next document an institution should request.
