USDon, issued by Ondo Global Markets (BVI) Limited, is a tokenized note providing economic exposure to the U.S. dollar (USD), secured by short-term U.S. Treasuries and bank demand deposits and offered only to qualifying non-U.S. investors [S1][S2].

Each token references the U.S. dollar (USD) and is secured by short-term U.S. Treasuries, shares of the iShares Short Treasury Bond ETF, or bank demand deposits, depending on issuance date [S2]. Reserves are held in accounts at regulated institutions including a U.S. global systemically important bank rated S&P A+ and a U.S. bank rated S&P BBB+ [S2]. The accumulating variant rises with underlying asset value, while the rebasing variant mints additional tokens to hold price near 1.00 USD [S2].

The issuer, Ondo Global Markets (BVI) Limited, is a bankruptcy-remote special purpose vehicle organized in the British Virgin Islands; Ondo publicly disclaims regulated status, stating it is NOT REGISTERED OR LICENSED BY THE BVI FINANCIAL SERVICES COMMISSION, THE CFTC, SEC, OR ANY FINANCIAL REGULATORY AUTHORITY and is A SOFTWARE AND INFRASTRUCTURE PROVIDER ONLY [S3][S1]. The holder's claim is a tokenized note [S2]. Offering is restricted to qualifying non-U.S. persons under Regulation S after KYC onboarding [S1][S2]. Tokens are redeemable for U.S. dollar coin (USDC) or USD wire, with a 5,000 USD minimum for alternative-chain redemption [S2]. Ankura Trust Company holds a first-priority security interest in the collateral [S4][S2].

The token is supported across multiple blockchain networks including Sui, Aptos, Stellar, XRP, and Noble [S2]. Minting occurs on deposit and burning on redemption, with the rebasing variant adjusting supply through a wrapper smart contract [S2]. Ankura Trust Company verifies the existence of deposits daily, and verification reports are made public [S2].

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


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Ondo Finance

Ondo U.S. Dollar Token (USDon) is a U.S. dollar stablecoin issued by Ondo Finance through Ondo Global Markets (BVI) Limited.

Institutions can mint and redeem directly with Ondo Finance in USDC.

Ondo Global Markets (BVI) Limited is incorporated in the British Virgin Islands.

USDon has been issued on public blockchains since July 2025 and is native to Ethereum, BNB Chain, and Solana.

Ondo U.S. Dollar TokenUSDon

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