Treasury & money marketActive

Ondo Short-Term US Government Bond Fund

Value (USD)$385.81M2026-09-30

Wallet holders842026-09-30

Minimum investmentUSD 5,000 (USDC) for instant mint; USD 100,000 for non-instant subscriptions

Yield—Unverified

Overview

OUSG is a tokenized private fund from Ondo Finance whose tokens represent limited partnership interests in Ondo I LP. The fund mainly holds shares of other tokenized short-term US Treasury and government money market funds, plus USDC and bank deposits for liquidity. It is restricted to onboarded investors who qualify as both accredited investors and qualified purchasers.

Tokenized Treasury/government money funds (as of Sep 2026: State Street Galaxy Onchain Liquidity Sweep Fund ~48%, BlackRock BUIDL ~33%, Franklin BENJI ~12%, Fidelity FYOXX ~7%) plus USDC and bank deposits

Product structure

Lowest eligible investor type: US qualified purchasers

US persons: Accepts US persons

Investor eligibility: Accredited investors who are also qualified purchasers (commonly individuals with >USD 5M net worth or entities with >USD 25M assets) in eligible countries, after KYC onboarding

Classification of public offering terms, not a determination of your eligibility. Check the offering documents.

Legal wrapper: Delaware limited partnership; private fund relying on Investment Company Act Section 3(c)(7)
Domicile: United States
Regulatory status: Not SEC-registered; LP interests offered under Rule 506(c) of Regulation D; 3(c)(7) fund; not a US money market fund
Asset segregation: Unverified
Custodian: Clear Street LLC (traditional assets); Coinbase Custody (crypto assets)
Fund administrator: NAV Consulting
Auditor: Unverified
Transfer agent: Unverified
Tokenization agent: Ondo Finance (in-house)
Proof of reserve: No third-party PoR; daily administrator-calculated NAV and published holdings

Redemption & liquidity

Redemption terms: Instant mint/redeem 24/7/365 in USDC on Ethereum mainnet (USD 5,000 minimum, subject to daily limits); daily USD redemptions for non-instant route (USD 50,000 minimum)
Secondary liquidity: Freely transferable only between onboarded, eligible investors; instant USDC redemption acts as primary liquidity
Yield mechanism: NAV accrual (OUSG token price rises as yield accrues)

Fees

Management fee 0.15%, waived until 1 January 2027; fund expenses capped at 0.15%; 0% mint/redemption fees for instant transactions

On-chain information

EthereumPolygonSolanaXRP Ledger

Token standard: ERC-20 (EVM); SPL (Solana)
Transfer restrictions: Allowlist/KYC-gated; only qualified onboarded investors may hold, transfer or receive

Contract addresses: unverified

Notes & material events

Ondo's own product page showed USD 312.94M TVL as of 2026-09-29, differing from rwa.xyz (USD 385.8M, 2026-09-30); rwa.xyz figure used here. rwa.xyz also lists a BVI FSC regulatory reference that conflicts with the Delaware LP structure on Ondo's site; not resolved. Smart contracts audited (Spearbit, Halborn, Code4rena, Cyfrin, Zokyo, NetherMind). Instant mint/redeem only on Ethereum mainnet. Auditor name, transfer agent and bankruptcy-remoteness disclosures not publicly verified.

Revision history

No published revisions.

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