OUSG, issued by Ondo I LP, is a tokenized fund interest providing economic exposure to short-term U.S. Treasury securities, with each token representing shares of the Fund whose value tracks daily net asset value (NAV) [S1][S2].

Holders receive economic exposure to a portfolio invested in funds from leading asset managers including BlackRock, Franklin Templeton, WisdomTree, FundBridge Capital, and Fidelity, alongside bank deposits and USD Coin (USDC) held for liquidity [S2]. Yield accrues into NAV, where daily yield raises NAV per OUSG token while balances stay constant; net income is allocated pro-rata across all holders [S2][S3]. Ondo charges a management fee of 0.15%, waived until July 1, 2026 [S2].

Ondo I LP is the issuing Fund, which is not registered as an investment company under the U.S. Investment Company Act of 1940, and the tokens are not registered under the U.S. Securities Act of 1933 [S1][S2]. Ondo Finance Inc. states it is a software and infrastructure provider only, 'NOT REGISTERED OR LICENSED BY THE BVI FINANCIAL SERVICES COMMISSION, THE CFTC, SEC, OR ANY FINANCIAL REGULATORY AUTHORITY' [S1]. OUSG is offered solely to accredited investors and qualified purchasers completing Qualified Access Fund onboarding [S2][S1]. Ankura Trust Company acts as Verification Agent, independently reviewing daily holdings and NAV [S4].

OUSG supports instant mint and redeem against USDC, and PYUSD for investing, in a single atomic transaction, with a 5,000 USD minimum and a 50 million USD global daily minting cap [S2]. NAV updates at the end of each Business Day, and the OUSG Price Oracle is updated onchain to reflect updated NAV [S2][S3]. Redemption USDC is sourced via BlackRock's BUIDL token [S2].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://docs.ondo.finance/legal/terms-of-service" },
    { id: "S2", url: "https://docs.ondo.finance/qualified-access-products/ousg/how-it-works" },
    { id: "S3", url: "https://docs.ondo.finance/qualified-access-products/ousg/yield" },
    { id: "S4", url: "https://docs.ondo.finance/ondo-global-markets/trust-and-transparency" },
  ]}
/>


# Capital deployed Methodology

## Overview

Capital deployed measures the value of user deposits that are allocated into investments by an asset manager. Since this capital is typically invested to earn yield for clients, it tends to correlate with the manager’s ability to generate revenue.

## Data sources

- Smart contract events and program instructions capturing token supply changes
- On-chain vault state data including exchange rates and share balances
- Token price feeds for USD conversion
- Asset metadata for decimal precision and contract mapping

## Common calculation approaches

### Tokenized asset supply tracking
Outstanding supply is calculated from ERC-20 `Transfer` events emitted by issuers such as BitGo, Securitize, and Ondo Finance. Mint events (transfers from the zero address) and burn events (transfers to the zero address) are aggregated to determine the net circulating supply of tokenized investment products. On Solana, supply is determined from program instructions and token account balance snapshots.

### Yield-generating strategy allocation
Capital deployed into specific investment strategies is tracked through deposit token activities in lending and liquidity protocols. For example, assets are monitored from `Mint` and `Burn` events from `spToken` and `AToken` contracts associated with Spark. This approach focuses on capital actively allocated to yield-generating positions rather than idle reserves.

### Vault-based valuation
For projects such as Ether.fi, capital is determined from vault exchange rates and total share supply. Data is aggregated from liquid vault accountant contracts to value the underlying assets deployed across staking and yield products. This methodology ensures that the valuation reflects the current market value of the assets held within the managed vaults.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of capital allocated into investments by an asset manager.

Capital deployed

Tokenized funds

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Real-world asset (RWA) issuers

Ondo Finance

Ondo Short-Term US Treasuries Fund (OUSG) is a tokenized fund share issued by Ondo Finance through Ondo I LP and managed by Ondo Capital Management LLC.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in U.S. government debt, and charges a 0.15% annual management fee.

Its assets sit with Clear Street and Coinbase Custody, administered by NAV Consulting, with Oasis Pro Transfer Agent as transfer agent and Richey May as auditor.

Accredited investors and qualified purchasers can subscribe and redeem in USDC, with a USDC 5,000 minimum and instant subscription settlement after completing KYC, and holders have a right to redeem at net asset value with instant settlement.

Ondo I LP is incorporated in the United States and is offered under an SEC Regulation D exemption.

OUSG has been issued on public blockchains since January 2023 and is native to Ethereum, Polygon, Solana, and XRP Ledger.

Ondo Short-Term US Treasuries FundOUSG