Deployments · Ondo Finance platform · platform by Ondo Finance

Ondo US Dollar Yield (USDY)Updated 28 Oct 2026

A tokenised note backed by short-term US Treasuries and bank deposits, offered to individual and institutional investors outside the US. Yield accrues through a rising token price rather than a fixed one-dollar peg. It is one of the largest tokenised Treasury products and is spread across more chains than most, with Ethereum and Stellar holding the bulk.

Live (scaled) since 2025^[1]i — About $2.3 billion on chain across more than ten networks and over 18,000 holders in October 2026. · Reviewed 11d ago i

Assets

Debt security^[2]

Senior secured note backed by short-term Treasuries and bank deposits, with a first-loss equity cushion of about 3 percent

Networks

Ethereum Public, permissionless^[1]

Stellar Public, permissionless^[3]

Sei Public, permissionless^[4]

Solana Public, permissionless^[1]

BNB Chain Public, permissionless^[1]

Arbitrum Public, permissionless^[1]

Tempo Public, permissioned^[1]

MANTRA Public, permissionless^[1]

Mantle Public, permissionless^[1]

Aptos Public, permissionless^[1]

Plume Public, permissionless^[1]

Listed on rwa.xyz with zero supply in October 2026.

Sui Public, permissionless^[1]

Listed on rwa.xyz without a supply figure.

Noble Public, permissionless^[1]

Listed on rwa.xyz without a supply figure.

Use cases i

Primary issuance^[1]Fund subscription and redemption^[1]

Jurisdictions

United States, British Virgin Islands

Participants

• Ondo FinancePlatform provider, Issuer, Operator^[2][9]United States
• Ondo Global Markets (BVI) LimitedIssuer^[9][8]British Virgin Islands
• Ankura TrustDepositary or trustee^[2][9]United States
• Silicon Valley BankCustodian^[7]United States

Likely relevant regulation i

• SEC framework for tokenised securities and crypto assets (federal securities laws, staff statements and exemptive relief)United States

Assets

• IssuesOndo US Dollar Yield (USDY)^[2]

Moves across networks

• viaLayerZeroEthereum ↔ Mantle ↔ Arbitrum^[5]USDY made transferable across these chains with LayerZero's OFT standard in November 2024; messages verified by Axelar, Polyhedra and LayerZero Labs DVNs.
• viaAxelar^[6]Ondo Bridge (November 2023) uses Axelar for burn-and-mint transfers of USDY; only Mantle is named, so no route is recorded. Axelar is also one of the verifiers on the LayerZero setup.

Metrics i

• $2.32bnAssets under management · as of 11 Oct 2026^[1]
  On-chain via rwa.xyz.
• ~$1.23bnAssets on Ethereum · as of 11 Oct 2026 · on Ethereum^[1]
  On-chain via rwa.xyz: chain token supply times implied price (total value divided by total supply, about $1.156).
• ~$540.64mAssets on Stellar · as of 11 Oct 2026 · on Stellar^[1]
  On-chain via rwa.xyz; supply times implied price.
• ~$261.14mAssets on Sei · as of 11 Oct 2026 · on Sei^[1]
  On-chain via rwa.xyz; supply times implied price.
• ~$181.01mAssets on Solana · as of 11 Oct 2026 · on Solana^[1]
  On-chain via rwa.xyz; supply times implied price.
• ~$99.45mAssets on BNB Chain · as of 11 Oct 2026 · on BNB Chain^[1]
  On-chain via rwa.xyz; supply times implied price.
• ~$3.16mAssets on Arbitrum · as of 11 Oct 2026 · on Arbitrum^[1]
  On-chain via rwa.xyz; supply times implied price.
• 18,679 holdersToken holders · as of 11 Oct 2026^[1]
  On-chain via rwa.xyz.

Timeline

1. Happened 15 Dec 2025 · Participant joined · recorded 28 Oct 2026
   USDY is folded into the Ondo Stocks umbrella and Ondo Global Markets (BVI) Limited becomes its issuer, taking over from Ondo USDY LLC.^[8][9]
2. Happened 17 Sep 2025 · Scope expansion · recorded 11 Oct 2026
   USDY goes live on Stellar.^[3]
3. Happened Jul 2025 (month only) · Announcement · recorded 11 Oct 2026
   Ondo announces USDY for the Sei network.^[4]
4. Happened 3 Aug 2023 · Launch · recorded 11 Oct 2026
   Ondo launches USDY for non-US investors at a 5 percent launch yield, structured as a secured note from a US special purpose vehicle.^[2]

Sources i