Ethereum
Solana
Aptos
Arbitrum
USDY is a tokenized secured note backed by short-term US Treasuries and bank demand deposits, issued by Ondo USDY LLC with first-priority security interest for tokenholders. The token accrues value daily; a rebasing variant (rUSDY) is available. Distribution is limited to non-US persons under Reg S.
A yield-bearing dollar alternative for non-US investors, secured by treasuries.
Prism analyst note
USDY is the most retail-accessible of the major treasury tokens (for non-US investors), trading freely on DEXs after its lockup with deep liquidity across Ethereum, Solana and Aptos. The bankruptcy-remote secured-note structure with an independent collateral agent is stronger than most competitors' arrangements. Watch the small basis between market price and accrued NAV, and note that yield resets with front-end rates.
Generated from issuer disclosures and reviewed against the sources listed below. Not investment advice.
Structure & compliance
- Underlying
- Short-term US Treasuries and bank demand deposits
- Legal structure
- Secured note issued by Ondo USDY LLC (Reg S)
- Jurisdiction
- United States issuer / non-US distribution
- Custodian
- Morgan Stanley & StoneX (treasury custody), regulated banks (deposits)
- Administrator
- Ankura Trust (verification agent & collateral agent)
- Oracle / NAV source
- Ondo daily rate publication
- Reserve information
- Overcollateralized with a first-priority security interest; monthly transparency reports published by the verification agent.
- Transfer restrictions
- 40-day initial restriction after mint; not transferable to US persons.
- Investor eligibility
- Non-US persons (Reg S)
- KYC required
- Yes
Reserve verification
Contracts & on-chain data
Addresses shown only where independently confirmed against explorers and issuer documentation. Holder and transfer analytics are available via the linked explorers. 8K+
Documents & disclosures
Frequently asked
Is USDY a stablecoin?+
No. It is a yield-accruing note whose token price rises over time; rUSDY offers a $1.00-pegged rebasing form.
Can US persons buy USDY?+
No. USDY is offered exclusively to non-US persons under Regulation S.
