Ondo US Dollar Yield
USDYOndo US Dollar Yield (USDY) is a tokenized, yield-bearing dollar note from Ondo Finance, built for non-US individuals and institutions. It is backed by short-dated US Treasuries held at Morgan Stanley plus demand deposits at insured banks, and issued under a Reg S structure that passes Treasury yield to holders rather than paying a stablecoin reward. USDY scores 77/100 (Tier 2) on the RWTS Trust Score, strong on backing and regulatory framing. Its main constraint is redeemability: transfers are locked for roughly 40 to 50 days after mint.
- Issuer / protocol
- Ondo Finance
- Jurisdiction
- United States (Delaware)US Reg S — non-US persons
- Backing
- Short-term U.S. Treasuries & bank deposits
- Redemption / lock-up
- 40–50 day initial holding period
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Multi-chain
- Tier
- Tier 2 — Treasury & Fiat-Backed
- Contract
- 0xA129…f6e8
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Source: Ondo monthly attestation. Point-in-time disclosure, not a live feed; weights move with issuance and policy.
Addresses verified against each chain's explorer. Native = canonical or natively issued; bridged = wrapped or messaged across.
USDY is Ondo's tokenized short-duration UST product structured for non-US retail and accredited investors. Underlying is bank deposits and short-duration Treasuries; yield is front-end UST minus fees, so the primary driver is identical to BUIDL — Fed funds path and short-curve shape. The differentiator is distribution: USDY can be held outside US qualified-buyer rails, which makes it the practical on-chain T-bill exposure for offshore wallets that cannot touch BUIDL. Multi-chain availability (Ethereum, Solana, Aptos, others) widens the addressable market further.
USDY occupies the gap between BUIDL (US institutional only) and unregulated synthetic dollars. As global wallets seek yield on idle USD without taking duration or credit risk, USDY is structurally well-positioned because it is one of the few wrappers that can legally serve them. The flow is sensitive to two things: the level of front-end yields (the absolute reward for sitting in cash) and the supply of compliant offshore alternatives. As more issuers ship competing wrappers under MiCA or similar regimes, USDY's share of new offshore flow is the metric to track, not just AUM.
- ›Fed funds path + short UST curve (yield mechanics)
- ›USDY AUM growth split by chain — Solana adoption is a leading indicator
- ›MiCA-compliant tokenized UST issuance from EU competitors
- ›Ondo monthly attestation reports
- ›Stablecoin migration patterns out of unregulated yield (sUSDe, etc.) into compliant wrappers
- ×A regulated competitor with broader chain coverage and lower fees
- ×Ondo-specific custody or transfer-agent incident
- ×Regulatory shift restricting non-US retail access to tokenized US Treasuries
Editorial macro context · refreshed each methodology cycle · not investment advice
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 3.55% sits at 13% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 3.55%. Actual returns may vary. Not financial advice.
Treasury-backed; broad jurisdictional availability; fewer institutional credentials than BUIDL.
Methodology v1.0 · independent rating · published rubric · no issuer payments
Backed by short-term U.S. Treasuries plus bank deposits; primary backing is sovereign debt.
Monthly attestation by Ankura Trust Company; reserves visible on-chain; regular third-party verification.
40-50 day initial holding period before any redemption is permitted; post-unlock redemption at par. Lockup is one-time, not per-redemption.
Ondo financial audit + multiple smart contract audits; bug bounty program active.
Ondo is Cayman-registered; USDY is not available to US persons; partially regulated, clear legal structure with non-US-only access.
Live since April 2023, ~2 years of stable operation with no material incidents.
HOLDING_PERIOD_INITIAL_LOCKUP40-50 day initial holding period before any redemption is permitted.
NON_US_PERSONS_ONLYUSDY is not available to US persons by design.
Caveats document operational realities that don't change the dimensional score but shape practical use.
Beyond USDY's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $953.50M indicates healthy on-chain liquidity. Lock-up: 40–50 day initial holding period.
Is USDY safe?
USDY (Ondo US Dollar Yield) scores 77/100 on the independent RWTS Trust Score, which places it in Treasury & Fiat-Backed (Tier 2). Tier 2 is strong: institutional or fiat backing with solid verification, a notch below fully-reserved physical assets. Backing: Short-term U.S. Treasuries & bank deposits. It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Compare USDY
Head to head on the Trust Score with similar assets.