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Matrix · 6 platforms · records as of 2026-03-02

Who custodies the assets behind tokenized treasuries and gold?

The token is a claim; the column that matters is what backs it and who holds that. It depends on what the holding has to survive: a single point of failure can be excellent at everything else and still lose everything at once, so read that column first, then the fees against your size.

Bitcoin custodians and multi-key providersExchanges and brokeragesBitcoin IRA providersSpot bitcoin ETFsHardware walletsStablecoin issuers and custodiansTokenized treasuries, gold and real-world assetsLending and yield
PlatformScoreCustody modelSingle point of failureIndependenceInsuranceRegulatoryQualified custodianFeesMinimumIncidentsAs of
BlackRock BUIDL80Multi-Institution (BNY Mellon + Securitize)No3/4Not disclosedSEC-Registered Fund; Securitize: SEC Transfer Agent + FINRA Broker-DealerYes0.50% management fee$100K (via Securitize)02026-03-02
Franklin Templeton BENJI78SEC-Registered Fund (Franklin Templeton)Yes0/4Not disclosedSEC-Registered Investment Company (1940 Act); FINRAYes0.20% expense ratio$20 (via Benji app)02026-03-02
Securitize78SEC Transfer Agent + FINRA Broker-DealerYes0/4Not disclosedSEC Transfer Agent; FINRA Broker-Dealer (Securitize Markets); SEC Reg D/SNoPlatform + origination feesVaries by fund02026-03-02
Ondo Finance76BlackRock BUIDL-Backed (OUSG) + Ankura TrustYes0/4Not disclosedSEC Reg D exempt offeringNo0.15% management fee (OUSG)$5K (USDY) / $100K (OUSG)02026-03-02
Paxos Gold (PAXG)76Brink's Vaults + NY DFS RegulatedYes0/4Not disclosedNY DFS Trust CharterYes0.02% on-chain transfer fee$20 (on exchanges)02026-03-02
Tether Gold (XAUT)64Swiss Vault Custody (Tether-Managed)Yes0/4Not disclosedBritish Virgin IslandsNo0.25% creation fee$50 (on exchanges)02026-03-02

Facts are from each provider's own documents and public filings with the date the record was last checked; "n/s" means not stated by the provider. Scores are Proof of Custody's judgement on the published methodology. Coverage is selected, not exhaustive; absence is not evidence of safety. As data: /data/matrix.json. Dispute a cell through corrections.

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