Best token compensation and token grant administration platforms in 2026
Granting tokens is the easy part. The work comes after: tracking each grant's vesting and unlocks, working out the taxable value and withholding at every vesting event, getting net tokens to the right wallets, and keeping records your finance team and auditors can use. Some platforms handle that whole cycle, and others only lock and release tokens on-chain. This page compares both, and explains the US tax rules that decide when grants are taxed.
The short answer
Our pick is Toku for token issuers that grant tokens to employees and contributors in several countries. It administers grants from setup through vesting, withholding, distribution and reporting, names more grant types than the others here, and also offers payroll and employer of record services. Grant administration starts at $1,200 per month for up to 49 stakeholders.
Coinbase Token Manager (formerly LiquiFi) and Magna suit teams that mainly need vesting and distribution and will handle tax with their payroll provider. Hedgey Pro suits teams that want tokens in Anchorage custody. Sablier and Streamflow are on-chain vesting protocols that don't state tax features.
On this page:
- The token grant lifecycle
- Comparison table
- Platform reviews
- US tax rules
- How it works by country
- Leaving Pulley
- Questions to ask
- FAQ
- Cite this page
- Methodology and disclosure
What token grant administration covers
A grant creates work at every vesting event until the last token is delivered. Compare platforms by how much of this they handle.
Token compensation platforms compared
"Not stated" means we couldn't find it on the pages of the provider's own site we could open. Scroll sideways on a phone.
| Provider | Grant types | Vesting | Tax withholding | Payroll link | Custody | Pricing |
|---|---|---|---|---|---|---|
| TokuOur pick | RTAs, TPAs, RTUs, token options, TARs, warrants, phantom grants | Custom vesting and unlock schedules from TGE | Yes: calculates withholding by recipient jurisdiction, per Toku | Yes: also offers global payroll and EOR in 100+ countries, scoped separately | Direct wallet integrations with multi-sig and custodial partners | $1,200/month for up to 49 stakeholders |
| Coinbase Token Manager | RTUs and TPAs named; others not stated | Linear or custom, cliffs and lockups; custodian or smart contract | Partly: calculates token withholding from your rates; doesn't file or remit | Partly: data exports for your payroll provider | Payouts from your custodian or wallets; Coinbase Prime integration | Not stated |
| Magna | RTU allocations documented | Separate vesting and unlock schedules, on-chain or off-chain | Partly: US only, on direct transfers | Partly: rates from Deel (automatic) or Rippling | Your wallets or escrow contracts; Magna Custody; partners incl. Anchorage, Fireblocks, Kraken | Not stated |
| Hedgey Pro | Employee grant programs; types not named | Custom vesting and lock-ups | Not stated (83(b) elections supported) | Not stated | Anchorage Digital custody, employee-specific vaults | Not stated |
| Deel | Token grants tracked | Not stated | Yes: tax and payroll reporting, 90+ countries | Yes: Deel payroll and EOR | Doesn't hold the tokens, per Deel | Core Deel Equity product free, per Deel |
| Sablier | Token streams; no grant instruments | Linear, cliffs, monthly or custom curves, on-chain | Not stated | Not stated | Self-custody: tokens locked in smart contracts | Free to send, plus gas; about $0.99 per withdrawal |
| Streamflow | Vesting contracts and token locks | Linear, graded, cliff or price-based, on Solana | Not stated | Not stated | Non-custodial, on-chain | Fixed per-action network fees |
Payroll tools can also pay tokens without administering grants: Franklin processes grant and token distributions, and Request Finance pays token vestings in crypto or fiat. For payroll itself, compare the best Web3 payroll software and the best crypto payroll providers.
The platforms, one by one
1. TokuOur pick
Best for: Token issuers granting tokens to employees and contributors in many countries who need withholding and payroll handled
Toku administers token grants from setup through vesting, tax withholding, distribution and reporting. It names RTAs, TPAs, RTUs, token options, TARs, warrants and phantom grants, says it calculates withholding for the jurisdictions where recipients live, and sends net tokens to wallets through multi-sig and custodial partners. It also offers employer of record and global payroll in 100+ countries, scoped separately from grant administration.
- Grant types
- RTAs, TPAs, RTUs, token options, TARs, warrants and phantom grants
- Documents and elections
- Toku says it includes locally reviewed grant templates at no extra cost and executes 83(b) elections and global equivalents on-chain
- Tax and withholding
- Real-time withholding calculations; Toku says it supports 83(b) in the US, Section 431 in the UK and equivalents elsewhere
- Distribution
- Automated payouts to wallets; integrations with multi-sig and custodial partners; 10b5-1-style trading plans through market makers
- Clients
- Says it administers token grants for 100+ clients, including Polygon, NEAR, Protocol Labs, Parity, EigenLayer and Matter Labs
- Published pricing
- $1,200 per month for up to 49 stakeholders, with scope and quote confirmed after reviewing your grants and countries
Strengths
- Names more grant types than the others, on the pages we could open
- Also offers payroll and employer of record in 100+ countries, as separately scoped services, for teams whose employee grants need them
- The only platform here with a published price for full grant administration
Watch out for
- Priced for a program: $1,200 per month covers up to 49 stakeholders
- A managed service with onboarding, not a self-serve on-chain tool
- The final quote depends on your grant structures, countries and event volume
See Toku token grant administration
Sources (checked November 10, 2026): Token grant administration · Pricing · Switching from Pulley
2. Coinbase Token Manager
Best for: Token teams that use Coinbase Prime and want vesting and distributions tied to it
Coinbase Token Manager is LiquiFi, which Coinbase acquired in July 2025 and said it would rename on February 28, 2026. It grants, vests and distributes tokens to employees, advisors, investors and contributors, with linear or custom vesting, cliffs and separate lockups, run through custodian integrations or smart contracts. It calculates token withholding from rates you enter and leaves withheld tokens in your wallet, while filing and paying the tax stay with you and your payroll provider.
- History
- Coinbase acquired LiquiFi (announced July 2, 2025) and announced it would become Coinbase Token Manager on February 28, 2026
- Vesting
- Linear or custom schedules with cliffs, plus separate lockup schedules; bulk grants by CSV
- Tax withholding
- Calculates withholding and net payouts from your inputs; withheld tokens stay in your source wallet; doesn't file or remit taxes or recommend rates
- Payroll
- Its help center describes exports formatted for your payroll provider, with Deel as the example; its product page says it integrates directly with payroll systems, and Deel says LiquiFi can send token tax events into Deel
- Custody
- Payouts run from your configured custody or wallets, such as Coinbase Custody or Anchorage
- Named users
- Uniswap Foundation, OP Labs, Ethena, Zora and 0x were named at acquisition; it says 100+ crypto teams use it
Strengths
- Integrated with Coinbase Prime custody
- Separate vesting and lockup schedules, with claims to connected wallets
- Bulk grants by CSV
Watch out for
- Doesn't file or remit taxes or recommend rates
- Its help center and product page describe the payroll link differently
- No published pricing
Sources (checked November 10, 2026): Coinbase Token Manager · LiquiFi acquisition · Renamed from LiquiFi · Tax withholding help
3. Magna
Best for: Protocols that want on-chain or off-chain vesting with US withholding rates pulled from Deel or Rippling
Magna is a token management platform for vesting, unlocks, distributions and claim portals. It joined Payward, Kraken's parent, in a deal announced in February 2026, and it still runs as a standalone product. It tracks vesting and unlocks as separate schedules, on-chain or off-chain, and can withhold tax on direct transfers using rates from Deel or Rippling, for US tax treatment only.
- Ownership
- Acquired by Payward (Kraken's parent), announced February 18, 2026; still operates as a standalone platform
- Tax withholding
- Calculates withholding and distributes the net token amount; built for US tax treatment; only on direct-transfer allocations, not claim contracts
- Payroll
- Rates from Deel (pulled at distribution time) or Rippling (by file)
- Custody
- Its docs say Magna is not a custodian and tokens stay in the organization's or stakeholder's wallet or escrow contracts; its vesting page offers Magna Custody
- Security
- SOC 2 Type 2
Strengths
- Vesting kept off-chain or on audited contracts
- Automatic withholding rates from Deel
- Custom claim portals for recipients
Watch out for
- Withholding is US-only and only on direct transfers
- Its pages disagree on custody and on customer numbers
- No published pricing
Sources (checked November 10, 2026): Magna docs · Tax withholding · Vesting · Payward acquisition
4. Hedgey Pro
Best for: Token issuers that want grants held and distributed in Anchorage Digital's custody
Hedgey joined Anchorage Digital, and its new platform, Hedgey Pro, launched in December 2025. Tokens are held in employee-specific vaults in Anchorage Digital's custody and distributed by Anchorage, with custom vesting schedules, grant structures and 83(b) elections. Hedgey's older self-serve on-chain vesting app no longer issues new plans.
- History
- Hedgey is part of Anchorage Digital; Hedgey Pro launched December 16, 2025; the legacy on-chain app is in support mode
- Custody
- Tokens held in employee-specific vaults and distributed by Anchorage Digital; holders without Anchorage accounts are supported
- Regulation
- Anchorage Digital Bank N.A. is a federally chartered bank, and Anchorage Digital NY holds a New York BitLicense, per Anchorage
- Onboarding
- Dedicated onboarding, KYC and compliance teams for employees and investors
Strengths
- Tokens stay in Anchorage Digital's custody during vesting, per Hedgey
- Supports 83(b) elections
- KYC and onboarding handled for recipients
Watch out for
- Tax withholding and payroll integration aren't stated
- Grant types aren't named
- No published pricing
Sources (checked November 10, 2026): Hedgey Pro · Anchorage launch · Hedgey legacy docs
5. Deel
Best for: Companies whose employees are on Deel payroll and need token grants taxed and reported
Deel tracks, taxes and reports token grants for employees in 90+ countries through its payroll and EOR, and says it never holds the securities. It doesn't state vesting administration or token distribution, and Magna and Coinbase Token Manager both name Deel as a payroll provider they exchange tax data with.
Strengths
- Grant tax and reporting inside a payroll many companies already run
- 90+ countries
Watch out for
- No vesting administration or distribution stated
- Its page gives different country counts (50+, 90+ and 110+) for different services
Sources (checked November 8, 2026): Deel stablecoin salary payouts · Deel stablecoin wallet · Deel pricing · Deel EOR · Deel equity and tokens
6. Sablier
Best for: Crypto-native teams that want permissionless, self-custodial vesting on EVM chains
Sablier is an on-chain protocol for token vesting, payments and airdrops. Tokens are locked in smart contracts and stream to recipients on linear, cliff, monthly or custom curves, and each stream is an NFT the recipient owns. There's no sign-up, and it doesn't state tax withholding or a link to a payroll provider.
Strengths
- Self-custodial, with no intermediary
- Free for senders; recipients pay about $0.99 per withdrawal, which senders can cover
- Operating since 2019 without a reported hack, per Sablier
Watch out for
- No grant documents, withholding or payroll-provider link stated
- EVM chains only; its pages say 11+ and 24+ chains
- Each recipient needs a wallet
Sources (checked November 10, 2026): Sablier vesting · Pricing · Docs
7. Streamflow
Best for: Solana projects that want on-chain vesting and token locks
Streamflow is a non-custodial token vesting platform on Solana, with linear, graded, cliff and price-based vesting, token locks, airdrops and payouts. It doesn't state tax or payroll features.
Strengths
- Price-based vesting
- Audited by FYEO and OPCODES
- Non-custodial
Watch out for
- Solana only
- No withholding or payroll link stated
- Fees are charged per action in the network's token
Sources (checked November 10, 2026): Streamflow vesting · FAQ
How token compensation is taxed in the US
These are the federal rules most token grants turn on. Grant design has real tax consequences, so confirm your structure with a tax adviser.
Restricted tokens are generally taxed when they vest
The IRS says "digital assets are treated as property" (IRS digital asset FAQ, Q48). Under section 83 of the Internal Revenue Code, property transferred in connection with services is taxed when the rights to it "are transferable or are not subject to a substantial risk of forfeiture, whichever occurs earlier" (26 U.S.C. 83). A substantial risk of forfeiture exists when the rights are "conditioned, directly or indirectly, upon the future performance" of substantial services (Treas. Reg. 1.83-3(c)), which is what a typical service-based vesting schedule does.
83(b) elections
A recipient can elect to be taxed when the property is transferred rather than when it vests. The election "shall be made not later than 30 days after the date of such transfer", and if the property is later forfeited, "no deduction shall be allowed in respect of such forfeiture" (26 U.S.C. 83(b)).
The grant type matters
The regulations define property to exclude "an unfunded and unsecured promise to pay money or property in the future" (Treas. Reg. 1.83-3(e)). Our reading, not legal advice: a grant that transfers tokens now, as a restricted token award does, fits the property transfer section 83 describes more closely than a promise to deliver tokens later, as a restricted token unit is, so the two can be taxed at different times and an 83(b) election is a question for transferred tokens. Funded vaults or escrow can change the analysis, so confirm your structure with a tax adviser.
Employees: wages and withholding
Digital assets an employer pays an employee for services are generally wages: the IRS says they're "subject to federal income tax withholding, Federal Insurance Contributions Act (FICA) tax, and Federal Unemployment Tax Act (FUTA) tax", valued at "the fair market value of the digital assets, measured in U.S. dollars, when received" (IRS digital asset FAQ, Q58 and Q61). So employee grants need a link to payroll, and for employees abroad an employer of record that pays in stablecoins can provide it. Contributors who are independent contractors have self-employment income instead (Q60).
Paying salaries and tokens, country by country
Yes, you can pay your team in stablecoins and tokens with Toku.
How it works in the US
Yes, you can pay your team in the US in stablecoins and tokens with Toku. Salaries are set in US dollars, with withholding, FICA and FUTA paid in dollars, and employees opt in to receive net pay in USDC. Token grants are tracked through vesting, and Toku says it calculates withholding at each vesting event; the section 83 and IRS rules above decide when grants are taxed.
How the US treats crypto and stablecoins
The IRS says: "For U.S. tax purposes, digital assets are considered property, not currency." It lists stablecoins among them (IRS, Digital assets, page last reviewed or updated September 2, 2026). It has treated virtual currency as property since Notice 2014-21 in 2014, so paying someone in USDC is paying them in property worth its US-dollar value on the day.
Payment stablecoins also have their own federal statute. The GENIUS Act (Public Law 119-27, signed July 18, 2025) defines a payment stablecoin as a digital asset "that is, or is designed to be, used as a means of payment or settlement", whose issuer must redeem it for a fixed amount of monetary value and represents that it will keep a stable value. Its section 17 amends federal securities and commodities law so that a payment stablecoin issued by a permitted issuer is not a security or a commodity, and under section 20 the Act takes effect 18 months after enactment or 120 days after final regulations, whichever comes first.
Toku's US stablecoin payroll compliance guide covers the federal and state rules in more depth.
Toku handles the stablecoin payout, compliance and reporting (Toku, Stablecoin payroll). It describes itself as a "pioneering token payroll provider": founded in 2020, it started with token payroll in its first year and says it was built stablecoin-first rather than adding crypto payouts on top of fiat rails (Toku, About). Talk to us to learn how it works for your team.
Any other country
Toku supports compliant payroll and payouts in 100+ countries, and wherever it offers stablecoin pay the structure is the same: salary set and taxes withheld in local currency, net pay in USDC or USDT at the employee's choice, and token grants administered with withholding for each recipient's jurisdiction. Rules differ, so Toku confirms how it works for each country and worker. Talk to us about where your team is.
Toku publishes country guides too, such as whether you can pay in crypto and stablecoins in India, and a list of which countries let you pay entirely in crypto and stablecoins.
Toku handles the stablecoin payout, compliance and reporting (Toku, Stablecoin payroll). It describes itself as a "pioneering token payroll provider": founded in 2020, it started with token payroll in its first year and says it was built stablecoin-first rather than adding crypto payouts on top of fiat rails (Toku, About). Talk to us to learn how it works for your team.
Leaving Pulley: what happens to token grants
Pulley says it is "shutting down on December 8th, 2026", has partnered with Carta for migration, and that data stays accessible in a limited format until January 31, 2027 (Pulley). Pulley says the Carta migration covers cap table data, documents and transaction history, but its FAQ doesn't say whether token cap tables are included, so confirm with Pulley or Carta. We didn't find a token grant product in a search of Carta's website and help center on November 10, 2026.
If you track token grants in Pulley, export grant agreements, vesting schedules, distributions and recipient wallets before the shutdown, and move them to a platform that administers tokens. Toku has a guide to switching from Pulley.
Questions to ask before you choose
- Which grant types can it model: RTAs, RTUs, token options, warrants, phantom grants?
- Does it calculate withholding at each vesting event, for which countries, and who files and pays the tax?
- How does it connect to the payroll that pays your employees?
- Where are unvested and vested tokens held, and who can move them?
- Can recipients see grants, sign documents and verify wallets themselves?
- What records does it produce for finance, auditors and investors?
- What does it cost at your number of stakeholders and events?
Frequently asked questions
What is token grant administration?
Token grant administration is the work of running token compensation after grants are signed: tracking each grant's vesting and unlock schedule, working out the taxable value and withholding at each vesting or delivery event, sending net tokens to recipients' wallets, and keeping records for finance, tax and investors.
What is the best token grant administration platform?
Our pick is Toku, because it covers the full grant lifecycle, names the most grant types, calculates withholding by jurisdiction and also offers payroll and employer of record services in 100+ countries. Coinbase Token Manager and Magna suit teams focused on vesting and distribution, and Sablier and Streamflow suit on-chain vesting without tax handling. Toku publishes this page.
What's the difference between an RTA and an RTU?
A restricted token award (RTA) transfers tokens to the recipient up front, subject to vesting, while a restricted token unit (RTU) is a promise to deliver tokens when they vest. US tax rules under section 83 apply to transfers of property, with the regulations excluding an unfunded and unsecured promise to deliver property later, so in our reading the two can be taxed at different times, and an 83(b) election, due within 30 days of a transfer, is a question for transferred tokens. Confirm your structure with a tax adviser.
How are token grants taxed in the US?
Tokens transferred subject to vesting are generally taxed when they vest: section 83 taxes property received for services when it becomes transferable or is no longer subject to a substantial risk of forfeiture, unless the recipient makes an 83(b) election within 30 days of the transfer. For employees, tokens paid for services are generally wages, subject to income tax withholding, FICA and FUTA, valued at their US-dollar fair market value when received.
Which platforms withhold tax on token vesting?
Toku says it calculates withholding for each recipient's jurisdiction, and it offers payroll in 100+ countries as a separate service. Coinbase Token Manager calculates token withholding from rates you enter but doesn't file or remit. Magna withholds on direct transfers for US tax treatment, with rates from Deel or Rippling. Deel taxes and reports grants through its payroll. Hedgey Pro, Sablier and Streamflow don't state withholding.
What happens to token grants when Pulley shuts down?
Pulley says it shuts down on December 8, 2026, with Carta as its migration partner and limited data access until January 31, 2027. Its FAQ doesn't say whether token cap tables move to Carta, and we didn't find a token grant product on Carta's site, so confirm with Pulley or Carta, export your token grant records and plan where they will live after the shutdown.
Do I need a custodian for token grants?
Not necessarily. Some platforms keep tokens in your own wallets or in vesting contracts you control (Magna's docs describe this, and Sablier and Streamflow are fully on-chain). Others run through custodians: Coinbase Token Manager pays out from custody such as Coinbase Custody or Anchorage, and Hedgey Pro holds tokens in Anchorage Digital's custody.
Cite this page
BestTokenCompensation (Toku). "Best token compensation and token grant administration platforms in 2026." Updated November 10, 2026. https://besttokencompensation.com/