Treasury & money marketActive

Ondo US Dollar Yield

Value (USD)$2.28B2026-09-29

Wallet holders18,3112026-09-29

Minimum investment1 USDC per rwa.xyz; USD 5,000 minimum for mint/redeem on Sui, Aptos, Stellar, XRP Ledger and Noble per Ondo docs

Yield—Unverified

Overview

USDY is a tokenized note from Ondo that gives non-US investors economic exposure to short-term US Treasuries and bank deposits; holders do not own the underlying Treasuries directly. It is offered under Regulation S and US persons are excluded. A price-accruing version (USDY) and a rebasing $1 version (rUSDY) are available.

Short-term US Treasuries and bank demand deposits (Sep 2026: ~90% Treasuries, ~9% intra-group USDY-USD instrument, <1% cash equivalents); reported collateralisation ratio ~122%

Product structure

Lowest eligible investor type: Retail investors

US persons: Excludes US persons

Investor eligibility: Non-US individuals and institutions after KYC; US persons and 16 sanctioned/prohibited jurisdictions excluded; qualified/professional investor standards apply in EEA, UK, Hong Kong, Singapore, Switzerland, Brazil, Malaysia

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

Legal wrapper: Tokenized debt note (originally senior secured notes issued by a special purpose vehicle)
Domicile: British Virgin Islands
Regulatory status: Not registered under the US Securities Act or Investment Company Act; offered to non-US persons under Regulation S
Asset segregation: Described by Ondo as bankruptcy-remote; at launch structured as senior secured debt of a special purpose vehicle with an independent director, with Ankura Trust as collateral agent able to enforce on breach
Custodian: First Citizens Bank (per Ondo product page); rwa.xyz lists Alpaca Securities LLC
Fund administrator: Unverified
Auditor: Unverified
Transfer agent: Unverified
Tokenization agent: Ondo Finance Inc. (in-house tokenization services)
Proof of reserve: Daily and monthly attestations/verification reports by Ankura Trust Company

Redemption & liquidity

Redemption terms: Daily subscriptions and redemptions in USDC or USD wire to non-US bank accounts; rwa.xyz cites T+2 to T+3 for wire initiation
Secondary liquidity: Transferable on public chains and used in DeFi integrations after initial transfer restriction; third-party reports cite a 40-day post-subscription lock
Yield mechanism: USDY: NAV/price accrual; rUSDY: daily rebasing at $1.00

Fees

No explicit management, subscription or redemption fee; issuer retains the spread between collateral yield and yield passed to holders

On-chain information

EthereumSolanaMantleSuiAptosNobleArbitrumStellarSeiBNB ChainTempoMANTRAPlume

Token standard: ERC-20 on Ethereum/EVM; chain-native standards elsewhere
Transfer restrictions: Minting/redemption KYC-gated to eligible non-US persons; secondary transfers reported as permissionless after an initial post-subscription lock

Contract addresses: unverified

Notes & material events

Issuer disclosure is inconsistent across sources: launched by Ondo USDY LLC (US SPV); Ondo docs say it was folded into Ondo Stocks on 15 Dec 2025; current product page and important-notes name Ondo Global Markets (BVI) Limited. Custodian differs between Ondo page (First Citizens Bank) and rwa.xyz (Alpaca Securities). 40-day transfer lock sourced from third party (eco.com), not verified in issuer docs. Smart contracts audited (Spearbit, Halborn, Code4rena, Cyfrin, Zokyo, NetherMind). Ondo page showed USD 2.19B TVL.

Revision history

No published revisions.

Request a correction ↗