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

# Reserves

> The two pools behind USDh and sUSDh, how they're run, and how to read the Transparency page.

**Every USDh is backed one for one, and where the dollars behind it go depends on one choice: whether you stake.** The reserves are held in two separate pools.

## Two pools, backed differently

| | Behind USDh | Behind sUSDh |
| - | - | - |
| Lent to | The US government | Other governments, in US dollars |
| Held in | Cash in US dollars, US Treasury bills, and stablecoins backed by Treasury bills, such as USDC and AUSD | Short-term US dollar bonds of other governments |
| Held for | Safety and an easy exit | Interest, which funds sUSDh rewards |
| If a government restructures | Affected only if the US restructures | If a government it lends to restructures, sUSDh takes the loss on that loan |

```mermaid theme={null}
flowchart TB
    H["You hold USDh"] --> P1["Pool 1: lent to the US government<br/>Cash, Treasury bills, Treasury-backed stablecoins"]
    H -->|"you stake"| P2["Pool 2: lent to other governments<br/>Short-term US dollar bonds"]
    P2 -->|"interest raises"| R["The sUSDh price"]
```

## How the reserves are run

* **Buy and hold until maturity.** No trading strategy.
* **No borrowing and no derivatives.**
* **Dollars only.** Every loan is in US dollars, so there is no currency risk.
* **Zero start.** USDh started at zero supply, so every USDh in circulation was created against a dollar that came in.

The reserves are managed by Publius Reserve Management Limited, a company set up only for that purpose and separate from the issuer. It works with Arqaam Securities, a broker and custodian in the Dubai International Financial Centre. None of these firms has any power over the USDh or sUSDh contracts.

## Reading the Transparency page

The Transparency page in the [app](https://app.usdh.money/) has one tab for each pool:

* **USDh:** the assets behind USDh, with each one's amount and share of the pool.
* **sUSDh:** the government bonds behind sUSDh, with each one's amount and share of the pool.

The same page shows how much USDh exists and how the sUSDh price has moved over time.

The holdings sit off the blockchain and are published by hand. **No independent firm has checked them yet.** Monthly reports from an independent firm are planned and will appear on the same page. Everything on the blockchain you can check yourself; [Verify on-chain](https://docs.usdh.money/check.md) shows how.

## The fine print

* **USDh is a claim on its issuer**, Hamilton Digital Assets Limited. The reserves back all USDh together.
* **The reserves are not held in trust** for holders. If the issuer failed, holders would be unsecured creditors, with no direct claim on the reserves.
* **No deposit insurance.** USDh is not a bank deposit, and no government scheme covers it.

The binding terms are in the [USDh terms](https://docs.usdh.money/usdh-terms.md).

*Last updated: Nov 10, 2026*


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