The partnership connects the cash side of tokenized investing to its issuing bank. Public terms show why direct-client status, the chosen stablecoin and redemption fees still determine how that connection works.
The interim framework permits Tier 1 and Tier 2 custodians to hold up to 100% of a dealer’s crypto assets, with lower ceilings for Tiers 3 and 4. Internal custody has a separate 20% limit, while tokenized traditional assets follow an approval and securities-location framework.