Universal says the platform will not provide brokerage, custody, fund administration, transfer-agent, or trading-venue services, and issuers keep mint/burn control. That is middleware in a market where distribution already clusters around USYC at $3.11B, BUIDL at $2.23B, and USDY at $2.16B on RWA.xyz. The trust backdrop is concrete: UUU’s July 2, 2026 10-K carried a going-concern paragraph.

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