The basic idea

To feel "protocol-like" and still operate like a normal startup, you keep the project's three hardest-to-mix responsibilities in three different places:

• Token issuance (highest regulatory and litigation risk)
• Governance + treasury stewardship (needs neutrality and continuity)
• Operations (needs speed, hiring, contracts, and equity fundraising)

Why teams do this

This separation usually unlocks three things:

• Credibility: the protocol isn't obviously "owned" by one cap table
• Containment: token issuance risk doesn't contaminate the whole project
• Practicality: you can still hire, bank, contract, and raise equity in familiar ways

The three entities (and what each one is for)

Common jurisdiction defaults (and why they show up a lot)

These jurisdictions are common not because they're "magic", but because they're familiar, serviceable defaults for global teams.

• BVI is often used for the token SPV because it's a widely understood offshore company form with mature professional infrastructure for simple SPVs and holding structures.
• Cayman is often used for the governing foundation because foundation companies are a well-trodden tool for protocol stewardship and are broadly legible to international counsel and institutional counterparties.
• A US operating company is common because it's practical: hiring, contracting, equity fundraising, and day-to-day operations tend to be simplest in an onshore, well-understood corporate environment—especially for teams, investors, vendors, and banks that already know how to work with US entities.