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Deployments · Ondo Finance platform · platform by Ondo Finance

Ondo Short-Term US Government Bond Fund (OUSG)Updated 6 Nov 2026

A tokenised fund giving qualified investors exposure to short-term US Treasuries, now held largely through BlackRock's tokenised BUIDL fund. Tokens can be minted and redeemed around the clock, including with Ripple's RLUSD stablecoin on the XRP Ledger. Most supply now sits on the XRP Ledger and Ethereum.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since Mar 2025[1] — Around $319 million on chain in October 2026, down from peaks above $600 million in 2025; live on four chains with daily accruals. · Reviewed 11d ago

Assets
Fund interest[3]
Tokens are interests in a fund holding short-term Treasury exposure mainly through BUIDL
Networks
Ethereum Public, permissionless[4]
Polygon Public, permissionless[4]
rwa.xyz shows zero supply on Polygon in October 2026.
Solana Public, permissionless[4]
rwa.xyz shows zero supply on Solana in October 2026.
XRP Ledger Public, permissionless[3]
Use cases
Primary issuance[1]Fund subscription and redemption[4]
Jurisdictions
United States

Participants

Likely relevant regulation

Assets

Metrics

  • ~$692mAssets under management · as of 11 Jun 2025context[4]
    The Block data dashboard. Shown as context, not counted (wrapper rule): on 15 Oct 2026 Ondo reported 99.9% of OUSG held in other tokenised funds and USDC that the register already counts (SWEEP 47.5%, BUIDL 32.0%, BENJI 12.2%, Fidelity Treasury Digital Fund 7.4%, USDC 0.9%), so no single wraps link fits.
  • $319.4mAssets under management · as of 11 Oct 2026context[1]
    On-chain via rwa.xyz. Shown as context, not counted (wrapper rule): on 15 Oct 2026 Ondo reported 99.9% of OUSG held in other tokenised funds and USDC that the register already counts (SWEEP 47.5%, BUIDL 32.0%, BENJI 12.2%, Fidelity Treasury Digital Fund 7.4%, USDC 0.9%), so no single wraps link fits.
  • ~$185.11mAssets on XRP Ledger · as of 11 Oct 2026 · on XRP Ledgercontext[1]
    On-chain via rwa.xyz; 1.58 million tokens at about $116.85 each. Shown as context, not counted (wrapper rule): on 15 Oct 2026 Ondo reported 99.9% of OUSG held in other tokenised funds and USDC that the register already counts (SWEEP 47.5%, BUIDL 32.0%, BENJI 12.2%, Fidelity Treasury Digital Fund 7.4%, USDC 0.9%), so no single wraps link fits.
  • ~$134.29mAssets on Ethereum · as of 11 Oct 2026 · on Ethereumcontext[1]
    On-chain via rwa.xyz; 1.15 million tokens at about $116.85 each. Shown as context, not counted (wrapper rule): on 15 Oct 2026 Ondo reported 99.9% of OUSG held in other tokenised funds and USDC that the register already counts (SWEEP 47.5%, BUIDL 32.0%, BENJI 12.2%, Fidelity Treasury Digital Fund 7.4%, USDC 0.9%), so no single wraps link fits.
  • 85 holdersToken holders · as of 11 Oct 2026[1]
    On-chain via rwa.xyz.
  • $320.08mValue of underlying assets · as of 16 Oct 2026context[10]
    Ondo portfolio overview: SWEEP 47.34%, BUIDL 31.86%, BENJI 12.14%, Fidelity Treasury Digital Fund (FYOXX) 7.36%, USDC 1.23%. Shown as context, not counted (wrapper rule): Ondo reports nearly all of OUSG held in other tokenised funds and USDC that the register already counts.
  • ~$185.24mAssets on XRP Ledger · as of 18 Oct 2026 · on XRP Ledgercontext[8]
    On-chain via rwa.xyz at about $116.93 a token. Shown as context, not counted (wrapper rule): Ondo reports nearly all of OUSG held in other tokenised funds and USDC that the register already counts.
  • ~$134.84mAssets on Ethereum · as of 18 Oct 2026 · on Ethereumcontext[8]
    On-chain via rwa.xyz. Shown as context, not counted (wrapper rule): Ondo reports nearly all of OUSG held in other tokenised funds and USDC that the register already counts.
  • 86 holdersToken holders · as of 18 Oct 2026[8]
    On-chain via rwa.xyz.
  • $1.86bnFund interests sold since launch · as of 20 Jan 2026context[11]
    Form D 'total amount sold' since the first sale on 2023-02-06: cumulative subscriptions into the fund, whose interests are issued as tokens; 84 investors had invested. Gross of redemptions, so it is not a balance. Context: OUSG holds other tracked fund tokens (BUIDL, BENJI, SWEEP and others), so its subscriptions are context under the wrapper rule (decision 2026-10-15-figure-wrappers-4).
  • 84 investorsInvestors in the offering · as of 20 Jan 2026[11]
    Form D count of investors who have already invested.
  • $319.38mValue of underlying assets · as of 23 Oct 2026context[9]
    Ondo portfolio overview (23 Oct 2026): SWEEP $151.67m (47.49%), BUIDL $102.06m (31.96%), BENJI $38.90m (12.18%), Fidelity Treasury Digital Fund OnChain class FYOXX/FDIT $23.57m (7.38%), USDC $3.02m (0.94%), bank deposits and other $0.16m. Counted at the asset's countedShare (47.5%): the BUIDL, BENJI, FDIT and USDC held are counted where they are issued, while SWEEP's own figures are context (decision 2026-10-21-classification-14), so OUSG carries the SWEEP part. Excludes OUSG interests held in book-entry form. Gross supply, shown not counted: 47.4% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$151.42mValue of underlying assets (counted part) · as of 23 Oct 2026[9]
    47.4% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ondo-ousg-page-oct28).
  • $320.4mValue of underlying assets · as of 27 Oct 2026context[13]
    Ondo portfolio overview (27 Oct 2026): SWEEP $151.73m (47.36%), BUIDL $102.10m (31.87%), BENJI $38.92m (12.15%), Fidelity Treasury Digital Fund OnChain class FYOXX/FDIT $23.57m (7.36%), USDC $3.91m (1.22%), bank deposits and other $0.17m. Counted at the asset's countedShare (47.4%): the BUIDL, BENJI, FDIT and USDC held are counted where they are issued, while SWEEP's own figures are context (decision 2026-10-21-classification-14), so OUSG carries the SWEEP part. Excludes OUSG interests held in book-entry form. Gross supply, shown not counted: 47.4% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$151.9mValue of underlying assets (counted part) · as of 27 Oct 2026[13]
    47.4% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ondo-ousg-page-oct28).

Timeline

  1. Happened 11 Jun 2025 · Scope expansion · recorded 11 Oct 2026
    OUSG goes live on the XRP Ledger as its fourth chain after Ethereum, Polygon and Solana.[4]
  2. Happened 28 Jan 2025 · Announcement · recorded 11 Oct 2026
    Ondo and Ripple announce OUSG for the XRP Ledger, with Ripple seeding liquidity and RLUSD used for minting and redemption.[3]
  3. Happened Mar 2024 (month only) · Scope expansion · recorded 11 Oct 2026
    Ondo moves most OUSG assets into BlackRock's BUIDL fund and adds instant subscriptions and redemptions.[6]
  4. Happened Jan 2023 (month only) · Launch · recorded 11 Oct 2026
    Ondo launches tokenised exposure to short-term US Treasuries for stablecoin holders, initially through large Treasury ETFs.[5]

Sources

  1. [1]OUSG asset page — RWA.xyz. Accessed 11 Oct 2026.A
  2. [2]OUSG asset page (service provider listing) — RWA.xyz. Accessed 11 Oct 2026.C
  3. [3]Ondo Finance Brings 24/7 Access to Tokenized U.S. Treasuries on the XRP Ledger — Ripple, 28 Jan 2025. Accessed 11 Oct 2026.B
  4. [4]Ondo expands tokenized treasuries to XRP Ledger, enables OUSG minting and redemptions via Ripple's RLUSD stablecoin — The Block, 11 Jun 2025. Accessed 11 Oct 2026.C
  5. [5]DeFi project Ondo Finance launches tokenised US Treasuries — ForkLog, Jan 2023. Accessed 11 Oct 2026.C
  6. [6]Ondo Finance To Deploy OUSG Assets In Blackrock's BUIDL Fund — The Defiant, Mar 2024. Accessed 11 Oct 2026.C
  7. [7]OUSG | Ondo Finance — Ondo Finance. Accessed 15 Oct 2026. Portfolio overview as of 15 Oct 2026: underlying assets $318.95m..B
  8. [8]OUSG asset page — RWA.xyz. Accessed 18 Oct 2026. Figures read from the page's embedded JSON (__NEXT_DATA__) on 18 Oct 2026..A
  9. [9]OUSG | Ondo Finance — Ondo Finance. Accessed 26 Oct 2026. Portfolio overview as of 23 Oct 2026, 4pm EDT: underlying assets $319.38m (positions sum to $319,376,537)..B
  10. [10]OUSG | Ondo Finance — Ondo Finance. Accessed 18 Oct 2026. Portfolio overview as of 16 Oct 2026: underlying assets $320.08m; networks listed: Ethereum, Polygon, Solana, XRPL; management fee waived until 1 Jan 2027..B
  11. [11]Ondo I LP: Form D notice of exempt offering (amendment) signed 2026-01-20 — Ondo I LP (SEC Form D/A), 20 Jan 2026. Accessed 26 Oct 2026.A
  12. [12]OUSG docs: Trust & Transparency — Ondo Finance. Accessed 28 Oct 2026.B
  13. [13]OUSG product page (portfolio as of 27 Oct 2026) — Ondo Finance. Accessed 28 Oct 2026.B
  14. [14]OUSG asset page (service providers) — RWA.xyz. Accessed 28 Oct 2026. Service-provider metadata on the RWA.xyz asset page; RWA.xyz data, not an issuer document..C
  15. [15]Overview - Ondo Finance — Ondo Finance. Accessed 6 Nov 2026.B
  16. [16]Announcing Tokenized US Treasuries and Bonds | Ondo Finance — Ondo Finance, 10 Jan 2023. Accessed 6 Nov 2026.B
  17. [17]The Liquidity Advantage: How OUSG Provides Robust, Multi-Venue Instant Liquidity | Ondo Finance — Ondo Finance, 14 Apr 2025. Accessed 6 Nov 2026.B

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