Cynthia Cheng pycheng9

## table1.md

      
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                pycheng9
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              October 15, 2025 02:18
            
          
Layer
Implementation


Legal Structure
SEC-registered funds (Rule 506(c) offerings)


Custody
Morgan Stanley, Coinbase Custody


Asset Backing
Direct holdings in BlackRock SHV ETF, U.S. Treasuries


On-Chain Layer
ERC-20 (Ethereum), SPL (Solana), Mantle, Aptos
Layer	Implementation
Legal Structure	SEC-registered funds (Rule 506(c) offerings)
Custody	Morgan Stanley, Coinbase Custody
Asset Backing	Direct holdings in BlackRock SHV ETF, U.S. Treasuries
On-Chain Layer	ERC-20 (Ethereum), SPL (Solana), Mantle, Aptos