USDYc, issued by Ondo Global Markets (BVI) Limited, is a tokenized note providing economic exposure to short-term U.S. Treasury and related instruments that combines stablecoin accessibility with U.S. dollar (USD) yield in an accumulating, price-appreciating form [S1][S2].

Each 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 Treasuries and deposits 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+ [S1]. The accumulating token price rises as the value of the underlying assets increases, accruing yield into per-token value rather than additional tokens [S1].

The issuer, Ondo Global Markets (BVI) Limited, is a bankruptcy-remote special purpose vehicle organized in the British Virgin Islands and structurally separate from Ondo Finance Inc., which states it is A SOFTWARE AND INFRASTRUCTURE PROVIDER ONLY and is NOT REGISTERED OR LICENSED BY THE BVI FINANCIAL SERVICES COMMISSION, THE CFTC, SEC, OR ANY FINANCIAL REGULATORY AUTHORITY [S3][S2]. The claim is a tokenized note offered only to qualifying non-U.S. individual and institutional investors after KYC onboarding [S1][S2]. Ankura Trust Company acts as security agent holding a first-priority, perfected security interest in the collateral for tokenholders [S4][S1].

USDYc is supported across multiple blockchain networks including Sui, Aptos, Stellar, XRP, and Noble [S1]. Tokens are redeemable for U.S. dollar coin (USDC) via Ondo Global Markets or by USD wire transfer, with alternative-chain redemption subject to a 5,000 USD minimum [S1]. Reserves are verified daily by Ankura Trust, with public reporting [S1][S4].

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


Tokenized funds

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Real-world asset (RWA) issuers

Ondo Finance

Ondo US Dollar Yield (Convertible) (USDYc) is a tokenized fund share issued by Ondo Finance through Ondo USDY LLC.

The fund invests in U.S. government debt.

There is no direct issuance route; the token is acquired on secondary markets.

Ondo USDY LLC is incorporated in the United States and is offered under an SEC Regulation S exemption.

USDYc has been issued on Ethereum as an ERC-20 token since September 2023.

Ondo US Dollar Yield (Convertible)USDYc

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