# Treasury Management

# Where are the reserves held?

Collateral pool is held at two primary locations:

1. On-chain smart contract wallet; and
2. Institutional custody

Majority of colalteral is held on-chain, in a smart contract wallet linked to the protocol mint and redemption smart contract.

A portion is designated as margin for futures positions and held at institutional custody wallets outside of exchanges: Fireblocks - Deribit - Standalone on-chain wallet Ceffu - Binance - Omnibus wallet