Plain English
Ondo Finance is a leading issuer of tokenized US Treasury products on-chain. Founded by Nathan Allman, ex-Goldman Sachs. Products include USDY (yield-bearing USD), OUSG (tokenized short-dated Treasury fund), and Ondo Chain (a permissioned L1 for RWAs). ONDO token launched in 2024.
How it actually works
OUSG holds BlackRock’s BUIDL fund + iShares Treasury ETFs as underlying; USDY combines short-term Treasuries and bank deposits. Both pay daily yield via rebasing or appreciation. KYC required for issuance/redemption; secondary trading on whitelisted addresses. Available across Ethereum, Solana, Sui, Mantle, and other chains.
What it means for you
For HNW principals wanting on-chain Treasury exposure with regulatory comfort, Ondo is the leading provider alongside BlackRock’s BUIDL. USDY in particular is increasingly used as collateral across DeFi (Morpho, Aave V3 markets), letting holders earn Treasury yield while also using the tokens productively in DeFi. Best-of-both-worlds product for the tokenized RWA thesis.
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Educational content only. Not investment, tax, or legal advice.