RIADeFiPublished by Ketju Research
The AtlasReviewed 2026-08-19

Can anyone restrict USCC?

Bitwise Crypto Carry Fund · Tokenized cash-and-carry fund · Bitwise as manager; Superstate as token issuer and registered transfer agent

Yes. Superstate’s admin key can pause USCC and burn any holder’s tokens, and its transfer agent controls the holder list. Bitwise, the manager since June 2026, runs the basis trade through futures venues and a custodian, and each of them can also act on the assets behind the token.

Issuer can freeze

This page grades who can administer or censor the asset. It gives no investment verdict and no legal opinion.

Who controls it

USCC is a Bitwise cash-and-carry fund in token form. It runs a basis trade held at centralized venues.

Control gradeIssuer can freeze
Named controllerBitwise as manager; Superstate as token issuer and registered transfer agent
Reviewed2026-08-19
Holder’s claim
The holder owns a share of a Delaware statutory trust series that runs a basis trade, and owns none of the futures or spot positions. The claim runs to the fund and, through it, to the custodian and venues holding the positions. The holder controls none of them.
Redemption or sale
Eligible investors redeem through Superstate under the fund's terms. Redemption depends on the fund’s ability to unwind positions at its custodial venues; on-chain liquidity does not affect it.

Dependencies

  • Bitwise’s management and Superstate’s issuer control
  • Registered transfer-agent holder records
  • Centralized-venue counterparty risk on the underlying basis trade
  • Eligibility and jurisdiction restrictions
  • USDC as the settlement rail
  • The chain carrying the token

Advisor notes

USCC carries the risk of its trading venues beneath the control of the fund and the issuer. Record both separately when judging suitability; putting the share on chain removes neither.

A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.

Questions before use

  1. Does the exact contract and chain match the instrument reviewed here?
  2. Which party can mint, burn, pause, upgrade, block, or redeem?
  3. Does the client have direct redemption access or only secondary liquidity?
  4. What protocol, bridge, wallet, and custodian dependencies are added?
  5. Which event would force a review or a sale?

Sources

Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.

Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.

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