Ondo Finance
Entity5 coinsAuditedOndo Finance packages regulated, institutionally structured real-world assets into yield-bearing onchain tokens with 24/7 mint/redeem and explicit legal wrappers (Reg S for USDY; Rule 506(c)/3(c)(7) for OUSG).
Institutional-grade finance, delivered onchain.
USDY TVL
Latest data
Users
Depositors
USDY APY
Coins under Ondo Finance
Member products
Coins under Ondo Finance
Open a full profile or use Quick view for live CoinGecko + Alchemy data.
Main components (4)
USDY
Yield-bearing bearer note secured by Treasuries and bank deposits. Reg S (non-US persons). Daily yield via NAV; 24/7 mint/redeem.
OUSG
Tokenized short-term US Treasury fund interest for eligible investors. Rule 506(c) / 3(c)(7) qualified access.
ONDO
Protocol governance token on Ethereum.
Ondo Global Markets
Tokenized equities/ETFs product line; surpassed $1B TVL (May 2026).
Differentiator
Regulated RWA yield products with legal wrappers and daily proof of reserves — not generic stablecoins or DeFi wrappers. USDY and OUSG are yield tokens, not fixed $1 stablecoins.
Key facts
Curated off-chain facts with source + freshness.
Off-chain facts
- Legal WrappersCurated
USDY uses a Reg S wrapper; OUSG uses Rule 506(c)/3(c)(7). Access is legally gated to eligible investors — these are securities, not stablecoins.
Ondo Finance - Global MarketsUpdated periodically
Ondo Global Markets tokenizes US equities and ETFs (e.g. TSLA, SPY, QQQ, NVDA) 1:1 against custodied shares for 24/7 on-chain trading.
Ondo Finance
Commonly asked questions
Is USDY a stablecoin?Key
No. USDY is a yield-bearing bearer note whose value accrues as yield is earned. It is dollar-denominated but not pegged to $1 like USDC.
Who can hold OUSG?Key
OUSG is offered under Rule 506(c) and 3(c)(7) to eligible investors with KYC/AML onboarding. Not permissionless like most DeFi tokens.
Is USDY available on Arbitrum?
Yes. USDY is deployed on Arbitrum One among Ethereum, Mantle, Solana, and other networks.
Timeline & news
Key milestones in the entity's history.
USDY launches (Reg S)
ExecutedOndo issues USDY, a yield-bearing tokenized note backed by short-term Treasuries under a Reg S wrapper.
SourceONDO governance token launch
ExecutedONDO becomes transferable and the protocol's governance token goes live.
SourceOUSG institutional access
ExecutedOUSG offers tokenized US Treasury fund exposure to eligible investors under Rule 506(c)/3(c)(7).
SourceOndo Global Markets launches
ExecutedTokenized US equities/ETFs (TSLA, SPY, QQQ, NVDA) come on-chain for 24/7 trading and DeFi composability.
SourceOrganizational structure
Units & roles
- Parent operating company
Ondo Finance Inc.
Parent entity per Ondo privacy policy and docs.
- USDY issuer SPV
Ondo USDY LLC
FinCEN-registered MSB issuing USDY.
- OUSG fund structure
Ondo I GP LLC / Ondo Capital Management LLC
GP and investment manager for the OUSG tokenized fund.
Tokenomics
Max supply
10.00B
Emissions policy
Large allocations to ecosystem growth and protocol development vest over multi-year schedules; governance directs treasury deployment.
- 10B ONDO max supply.
- ONDO is governance only — product yields accrue to USDY/OUSG holders, not ONDO.
Risks identified
- Regulatory
Reg S / 506(c) access restrictions; transfer whitelisting and eligibility requirements.
- Counterparty
Asset managers (BlackRock BUIDL, Franklin Templeton, banks) and USDC banking rails for USDY.
- Reserve / Depeg
USDY NAV can drift — it is a yield note, not a fixed $1 peg.
- Liquidity
Business-day pricing, minimums, and qualified-investor gates.
- Smart Contract
Smart-contract risk across funds, USDY, and Global Markets.
- Custody
Banking and custody rails for USDY wire mint/redeem.
- Governance
ONDO tokenholder governance over protocol parameters.
Investment rounds
| Date | Round | Amount | Investors | Link |
|---|---|---|---|---|
| 2022-04-21 | Series A | $20.0M | Founders FundCoinbase VenturesTiger GlobalWintermute | — |
Partnerships
Active partnerships
BlackRock (BUIDL)
Ongoing
OUSG mostly held in BUIDL per Ondo product page.
Franklin Templeton / WisdomTree / Fidelity
Ongoing
OUSG fund managers and yield infrastructure.
J.P. Morgan Kinexys / Mastercard / Ripple
2026-05-06
Cross-border OUSG redemption pilot on XRPL.
Similarity to traditional finance products
How Ondo Finance maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Ondo Finance | Key differences |
|---|---|---|
| Tokenized short-duration Treasury note | USDY maps to a regulated bearer note with Treasury/bank backing. | 24/7 onchain mint/redeem and Reg S access restrictions vs traditional brokered notes. |
| Tokenized money-market / Treasury fund | OUSG approximates fund LP interests in short-term Treasuries. | Onchain instant mint/redeem for eligible investors vs mutual-fund settlement cycles. |
Research agentERC-8004
A passkey-owned AI agent that lives on Ondo Finance and answers from its stablecoins, tokens, and RWAs — with its own on-chain ERC-8004 identity.
Checking for your Ondo Finance agent…
AI Agent Skill
Machine-readable protocol knowledge for agents
Ondo Finance — Research Skill
Institutional-grade finance, delivered onchain.
ondo-finance · v1.0.0
Facts
| category | Umbrella Entity |
| symbol | ONDO |
| tagline | Institutional-grade finance, delivered onchain. |
| arbitrumNative | no |
| chains | Arbitrum One, Ethereum |
| security | audited (OZ-derived · reported audited (no public link)) |
| memberCoins | 5 (USDY, rUSDY, OUSG, GM, ONDO) |
| tvl | $2.14B |
| apr | 3.55% |
Sections
Overview
Ondo Finance packages regulated, institutionally structured real-world assets into yield-bearing onchain tokens with 24/7 mint/redeem and explicit legal wrappers (Reg S for USDY; Rule 506(c)/3(c)(7) for OUSG).
What makes it different
Regulated RWA yield products with legal wrappers and daily proof of reserves — not generic stablecoins or DeFi wrappers. USDY and OUSG are yield tokens, not fixed $1 stablecoins.
Components
- USDY: Yield-bearing bearer note secured by Treasuries and bank deposits. Reg S (non-US persons). Daily yield via NAV; 24/7 mint/redeem. - OUSG: Tokenized short-term US Treasury fund interest for eligible investors. Rule 506(c) / 3(c)(7) qualified access. - ONDO: Protocol governance token on Ethereum. - Ondo Global Markets: Tokenized equities/ETFs product line; surpassed $1B TVL (May 2026).
Member coins
- USDY (USDY) — Token, Yield-bearing Treasury note (not a stablecoin) - rUSDY (rUSDY) — Stablecoin, Rebasing USDY — $1 price, balance grows with yield - OUSG (OUSG) — RWA, Tokenized US Treasury fund interest - Ondo Global Markets (GM) — RWA, Tokenized US equities/ETFs (TSLA/SPY/QQQ/NVDA) - ONDO (ONDO) — Token, Protocol governance token
Risks
- Regulatory: Reg S / 506(c) access restrictions; transfer whitelisting and eligibility requirements. - Counterparty: Asset managers (BlackRock BUIDL, Franklin Templeton, banks) and USDC banking rails for USDY. - Reserve / Depeg: USDY NAV can drift — it is a yield note, not a fixed $1 peg. - Liquidity: Business-day pricing, minimums, and qualified-investor gates. - Smart Contract: Smart-contract risk across funds, USDY, and Global Markets. - Custody: Banking and custody rails for USDY wire mint/redeem. - Governance: ONDO tokenholder governance over protocol parameters.
TradFi analogue
- Tokenized short-duration Treasury note: similar — USDY maps to a regulated bearer note with Treasury/bank backing.; differs — 24/7 onchain mint/redeem and Reg S access restrictions vs traditional brokered notes. - Tokenized money-market / Treasury fund: similar — OUSG approximates fund LP interests in short-term Treasuries.; differs — Onchain instant mint/redeem for eligible investors vs mutual-fund settlement cycles.
Actions
| Name | Signature | Access |
|---|---|---|
getProfile Read the CanHav profile for Ondo Finance. | research_getEntity({ slug: "ondo-finance" }) | read-only |
listMembers List the member coins (stablecoins / tokens / RWAs) under this entity. | research_listByCategory({ category: "entities" }) | read-only |
readLiveMetrics Read live on-chain supply / metadata for a member contract (Arbitrum). | chain_readLive({ address: "0x..." }) | read-only |
getHistory Pull historical peg / TVL series for a member protocol. | research_getHistory({ slug: "<member-slug>", metric: "peg" | "tvl" }) | read-only |
Glossary
- TVL
- Total value locked — assets held or managed by a protocol, in USD.
- APR
- Annual percentage rate — yield before compounding.
- RWA
- Real-world asset — an off-chain asset represented as an on-chain token.
- ERC-8004
- Trustless-agent identity standard; an agent's portable on-chain identity (ERC-721).