I need a bit of a research on this (and I have that planned). From what I've seen, the encryption key stored on a USB device is wrapped with a user-provided passphrase. That's fine; in an ideal world, this would mean that one would need all three of (hard drive), (USB stick) and (user-provided wrapping passphrase) in order to unlock the encrypted folder.
However, from what I've seen, DSM allows automatically mounting encrypted folders on boot even if you store the encryption key on a USB stick and enter your own wrapping passphrase. This, in turn, would mean that the wrapping passphrase (not just the hash but the actual passphrase) is stored somewhere on the HDD; otherwise, DSM would be unable to mount such folders automatically on boot.
Whether or not the wrapping passphrase is stored on the HDD if you are NOT using the "automatically mount" feature is subject to future research. Technically, it shouldn't be there, but I wouldn't place my bets on it.