USDY, issued by Ondo Global Markets (BVI) Limited, is a tokenized note providing economic exposure to U.S. Treasury bills and bank deposits that combines stablecoin accessibility with yield denominated in U.S. dollars (USD) for qualifying non-U.S. investors [S1][S2].

Each USDY token is secured by short-term U.S. Treasuries, shares of the iShares Short Treasury Bond ETF, or bank demand deposits, depending on issuance date, with assets held in accounts at regulated institutions including a U.S. G-SIB rated S&P A+ and a U.S. bank rated S&P BBB+ [S2]. USDY accumulates yield as its price rises with the underlying asset value, while the rebasing variant rUSDY mints additional tokens to hold price at 1.00 USD [S2].

Ondo Global Markets (BVI) Limited, a bankruptcy-remote special purpose vehicle organized in the British Virgin Islands, issues USDY as of December 15, 2025 [S1][S3]. 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 [S4]. The holder's claim is a tokenized note offered only to qualifying non-U.S. persons after KYC onboarding [S1][S2]. Ankura Trust Company acts as Collateral Agent, holding a first-priority, perfected security interest in the collateral for tokenholders [S5][S2].

USDY is supported across multiple blockchain networks including Sui, Aptos, Stellar, XRP, and Noble [S2]. Tokens are redeemable for USD Coin (USDC) via Ondo Global Markets or by USD wire transfer, with alternative-chain redemptions subject to a 5,000 USD minimum [S2]. Ankura Trust verifies the existence of deposits daily, and reserve reports are made public [S2].

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    { 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/ondo-global-markets/overview" },
    { id: "S4", url: "https://docs.ondo.finance/legal/terms-of-service" },
    { id: "S5", url: "https://docs.ondo.finance/ondo-global-markets/trust-and-transparency" },
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Tokenized funds

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Ondo Finance

Ondo US Dollar Yield (USDY) is a token providing exposure to a tokenized fund issued by Ondo Finance through Ondo Global Markets (BVI) Limited.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund is open-ended and invests in U.S. government debt.

Retail investors and institutions can mint and redeem directly with Ondo Finance in USDC and USD, and holders have a right to redeem at net asset value with same- or next-business-day settlement.

Ondo Global Markets (BVI) Limited is incorporated in the British Virgin Islands and is offered under an SEC Regulation S exemption.

USDY has been issued on public blockchains since September 2023 and is native to 11 networks, including Ethereum, Solana, Aptos, Sui, Arbitrum One, and Stellar.

Ondo US Dollar YieldUSDY

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