In brief
- BitGo’s own terms name one dollar stablecoin that BitGo Bank & Trust, N.A. issues itself, World Liberty Financial’s USD1; for SoFiUSD the issuer is SoFi Bank, N.A. and BitGo may act as distribution agent (Additional Terms, 25 March 2026). Through BitGo, only account holders in good standing can mint or redeem.
- BitGo Bank & Trust, N.A. is on the OCC’s list of active trust banks as of 31 August 2026 (charter 25366). KPMG examined USD1’s reserves at 31 August 2026: 4,195,303,689 tokens against US$4,195,716,067 of assets.
- BitGo’s 10-Q reserve line for stablecoin holders at 30 June 2026 matches USD1’s examined assets on the same day to within about US$0.28 million, which suggests almost all of it was USD1 (our inference; BitGo does not break it out). The banks holding reserve cash and the fee schedule are not public.
Reader question: who can issue a white-label stablecoin through BitGo, which entity holds the reserves, and how big are they?
BitGo is a crypto custody and infrastructure company; its parent, BitGo Holdings, Inc., has been listed on the NYSE as BTGO since January 2026. Since 2025 it has also sold “Stablecoin-as-a-Service”: a client brands a dollar token and BitGo handles issuance, reserves and transactions. We checked the reserve figures three ways: BitGo’s SEC filing, KPMG’s examinations, and our own token count on six blockchains.
Entity and authority
| Entity | Role | Status |
|---|---|---|
| BitGo Holdings, Inc. (Delaware) | Listed parent (NYSE: BTGO) | Verified in SEC filings |
| BitGo Bank & Trust, N.A. | Custody; issuer of USD1; reserve accounts held for the benefit of holders | Verified: OCC charter 25366, active 31 August 2026 |
| BitGo New York Trust Company LLC | Custody (New York limited purpose trust company) | Company-reported (10-K); NYDFS record not yet verified |
| BitGo Custody MENA FZE | Custody (Dubai, VARA) | Company-reported (10-K); VARA record not yet verified |
| SoFi Bank, N.A. | Issuer of SoFiUSD; BitGo may act as distribution agent | Company-reported by BitGo; SoFi’s terms not read |
The OCC approved the conversion of BitGo Trust Company, Inc. into the national bank on 12 December 2025 (10-K). BitGo says it is not directly examined by the FDIC, the Federal Reserve or the CFPB, a gap that matters under how Washington regulates stablecoins, and its terms state that coins are not bank deposits. World Liberty Financial’s terms of service (3 March 2026) still name “BitGo Trust Company, Inc. and/or BitGo Technologies LLC” as USD1’s issuance provider, the pre-conversion name; BitGo’s later terms and KPMG’s reports name the national bank.
Corporate changes: on 27 August 2026 BitGo Holdings signed a merger agreement for NYDIG IF Holdings LLC (US$7 million cash plus shares worth about US$35.5 million, with up to US$15 million more in cash plus further shares contingent on revenue milestones). The 8-K says the mergers “will occur promptly” after signing but files no completion item. Separately, BitGo’s chief operating officer resigns effective 16 October 2026 (8-Ks).
Who can mint, redeem and hold
- Mint and redeem: only “Clients”, registered BitGo customers in good standing. Anyone else may hold and transfer USD1 but has no direct redemption right with BitGo Bank & Trust.
- Non-issuer coins: for SoFiUSD, a client redeems only through BitGo or another distribution agent and has “no direct redemption rights against the issuer”.
- Nature of the claim: KPMG’s examined notes say redemption rights are contractual, not a property interest in any specific reserve asset.
- Fees, minimums and countries: fees show only inside the logged-in app; no eligible or excluded countries are published.
USD1 reserves: three sources compared
| Date | Measure | Figure | Source |
|---|---|---|---|
| 30 June 2026 | 10-Q: “cash and cash equivalents segregated for the benefit of stablecoin holders” (all coins BitGo issues) | US$4,634.86M | 10-Q (unaudited) |
| 30 June 2026 | USD1 redeemable tokens / redemption assets | 4,634.41M / US$4,634.59M | KPMG, June report |
| 31 August 2026 | USD1 redeemable tokens / redemption assets | 4,195.30M / US$4,195.72M | KPMG, August report |
| 29 September 2026, 18:26 UTC | USD1 contract supply: Ethereum 1,603.13M, BNB Chain 1,392.33M, Solana 1,390.64M, Aptos 20.02M, Tron 10.06M, Tempo about 1,120 | 4,416.18M | Cryptured RPC count |
The company-wide 10-Q line and the USD1 figure differ by about US$0.28 million on 30 June, so almost all stablecoin reserves on BitGo’s balance sheet were USD1’s; this is our inference, since the 10-Q speaks of “stablecoins issued by BitGo” in the plural. USD1 shrank about 9.5% between June and August, then grew about 5.3% by 29 September; that last figure is contract supply, not KPMG’s “redeemable” measure, so the two are not like for like. For the wider market picture, see our weekly stablecoin supply report. We did not read the seventh contract, on Canton.
Where the money sits at 31 August 2026: US$1.13 billion in demand deposits at unnamed US commercial banks, which may exceed FDIC limits, and US$3.07 billion (about 73%) in a government money market fund, CUSIP 31607A703, whose name the report does not give. In Q2 2026, Stablecoin-as-a-Service revenue was US$38.8 million; BitGo books reserve interest in it gross and pays stablecoin sponsor fees (US$35.7 million) that “largely offset” that interest (10-Q).
Alternatives
| BitGo Bank & Trust | Anchorage Digital Bank | Paxos Trust Company | |
|---|---|---|---|
| OCC charter (active list, 31 Aug 2026) | 25366 | 25243 | 25379 |
| Partner-branded coins | Issues USD1 (World Liberty brand) | Sole issuer of every Series; brand partners get no rights against the bank | Manages PayPal’s PYUSD (terms say “managed”, not “issued”) |
| Who redeems | BitGo Clients only | Bank Clients only; may refuse or limit requests | Paxos Customers only |
| Coins the chartered bank issues or manages | One: USD1 (Additional Terms) | Four: USAT, USDtb, USDPT, USDGO (USAT disclosures; fee schedule) | Two: USDP and PYUSD (USDG sits with Paxos’s Singapore and Finnish entities) |
| Public fee schedule | No; fees shown only in the logged-in app | Yes: no service fees on USDtb, USDPT or USDGO (updated 25 August 2026) | Not checked |
| Reserve banks named | No | No (“major commercial banks”) | Not checked |
All three put a federally chartered trust bank behind a partner’s brand and limit redemption to their own customers. The difference is concentration and disclosure: BitGo’s bank issues one coin, whose reserves match almost all of the 10-Q stablecoin line, and keeps fees behind a login, while Anchorage spreads issuance across four brands and publishes a fee schedule. Whether Anchorage or Paxos also distribute another bank’s coin, as BitGo may with SoFiUSD, was not checked.
Limitations and unknowns
- Fees, minimums, reserve banks and the fund’s name: not publicly disclosed (checked terms, developer docs, KPMG reports, 10-Q).
- Entity naming for USD1: conflicting evidence between World Liberty’s terms and BitGo’s.
- Whether other coins use BitGo Bank & Trust reserve accounts, SoFiUSD supply and SoFi’s terms: not yet verified.
- NYDIG milestone terms and the deal’s effect on BitGo’s regulated entities: not publicly disclosed in the 8-K. Whether the mergers have closed: conflicting evidence (the 8-K of 28 August 2026 says they “will occur promptly” after signing and that the target’s interests “were canceled”, but contains no Item 2.01 completion report).
- NYDFS and VARA licence records for the New York and Dubai custody entities: not yet verified (registers not checked as of 29 September 2026; status rests on the 10-K).
Key facts (as of 29 September 2026)
- Bank: BitGo Bank & Trust, N.A., OCC charter 25366, Sioux Falls, South Dakota
- Stablecoin issued: USD1; distributed: SoFiUSD (issuer SoFi Bank, N.A.)
- USD1 redemption assets: US$4.20 billion (31 August 2026, KPMG-examined)
- USD1 on-chain supply, six chains: 4.42 billion tokens (29 September 2026)
- Custody insurance: US$250 million limit for theft or loss of keys (10-Q)
Sources
- OCC: active trust banks list, 31 August 2026
- BitGo Holdings SEC filings: 10-Q Q2 2026, 10-K FY2025, 8-K 28 August 2026, 8-K 25 September 2026
- KPMG examinations of USD1 reserves: June 2026, August 2026
- Terms: BitGo Coin Minting Services Terms; World Liberty Financial Terms of Service
- Comparisons: Anchorage Covered Stablecoin Terms; Paxos stablecoin terms
Last updated: 29 September 2026. Next recheck triggered by: a new monthly USD1 reserve report, a change to BitGo’s minting terms, completion or termination of the NYDIG merger, a new BitGo 10-Q or 10-K, or any OCC action involving BitGo Bank & Trust.
