Ondo US Dollar Yield

Can this project keep operating and funding itself for years?

Short-term US Treasury bills and bank demand deposits back USDY inside a bankruptcy-remote company with a 3% first-loss equity cushion.12

Can outsiders see and check what the team and the protocol do?

Ankura Trust Company acts as collateral agent and publishes daily reserve verification reports alongside public on-chain supply tracking.123

Does the protocol earn real fees or income from use?

Not applicable. Weight 0.08 in the stable asset profile, so it neither lifts nor lowers the score.

Is the technology being built and shipped, and does it matter?

USDY combines an accumulating redemption-value oracle with multichain support, adding BNB Chain instant minting in August 2026.45

Who uses, builds and holds it, and how durable is that base?

Over 2 billion USDY tokens circulate across eight blockchains after Ondo consolidated Aptos and Noble issuance in September 2026.36

Do supply, issuance and unlocks protect holders from dilution?

Supply expands and contracts 1:1 with verified US Treasury and bank deposit collateral while accruing daily interest in net asset value.76

1. 1ondo.finance/usdyCited for Sustainability, Transparency
2. 2docs.ondo.finance/general-access-products/usdy/legal-structureCited for Sustainability, Transparency
3. 3app.rwa.xyz/assets/USDYCited for Transparency, Community
4. 4docs.ondo.finance/general-access-products/usdy/technical-documentationCited for Innovation
5. 5etherscan.io/token/0x96f6ef951840721adbf46ac996b59e0235cb985cCited for Innovation
6. 6coingecko.com/en/coins/ondo-us-dollar-yieldCited for Community, Tokenomics
7. 7docs.ondo.finance/general-access-products/usdyCited for Tokenomics

• Reserve backing. Short-term US Treasury bills and bank demand deposits back USDY with a 3% first-loss equity buffer.
• Bankruptcy-remote trust. Ondo USDY LLC holds collateral separately from Ondo Finance corporate operations under Ankura Trust oversight.
• Daily attestations. Ankura Trust Company publishes daily verification reports covering pledged Treasury and bank deposit balances.
• Multichain liquidity. Deployment on BNB Chain in August 2026 added instant minting alongside Ethereum, Solana, Stellar, Arbitrum, and Mantle.
• Network consolidation. Ending new issuance on Aptos and Noble on September 8, 2026 concentrated liquidity across higher-volume chains.

• Geographic restrictions. Regulation S compliance bars US persons and unaccredited domestic investors from minting or holding USDY.
• Transfer lockups. Newly minted tokens enter a 40 to 50 day holding period before secondary on-chain transfers unlock.
• Interest rate sensitivity. Federal Reserve rate cuts directly reduce the short-term US Treasury yield accrued by tokenholders.
• Custodial permissions. Mandatory KYC onboarding, address allowlists, and upgradeable token contracts introduce centralized issuer dependencies.

USDY competes in the tokenized Treasury market against BlackRock BUIDL, Franklin Templeton BENJI, and Circle USYC. Unlike fixed-price stablecoins such as USDT and USDC, the token passes Treasury interest to holders through a rising redemption value.

Ondo US Dollar Yield provides non-US investors with a bankruptcy-remote tokenized note backed by short-term US Treasuries and bank deposits. Daily reserve verifications by Ankura Trust and a 3% first-loss equity cushion support high scores for sustainability and transparency.