Ondo US Dollar Yield (USDY)USD

Ondo US Dollar Yield (USDY) is a tokenized yield-bearing dollar instrument backed by short-term U.S. Treasuries and bank demand deposits. It gives eligible non-U.S. investors a transferable on-chain asset that earns dollar-denominated yield. USDY is issued by Ondo USDY LLC, a subsidiary of Ondo Finance, Inc., which was founded in 2021 by Nathan Allman and a team that included former Goldman Sachs staff. Ondo Finance publicly launched USDY in August 2023. USDY does not run on its own blockchain. It is an ERC-20 and equivalent token deployed across multiple networks, including Ethereum, Solana, Arbitrum, Sui, Aptos, and others. The underlying assets are held in a bankruptcy-remote vehicle separate from any single chain. The token represents a direct claim on that segregated portfolio of short-duration Treasuries and deposits. A rebasing wrapper called rUSDY is also available for users who prefer a constant-price format. USDY is used primarily for holding and transferring tokenized U.S. dollar yield and as collateral in decentralized finance applications, rather than for paying network fees or on-chain governance. Its supply is uncapped and fluctuates with investor subscriptions and redemptions. Circulating supply reached the low billions of tokens by 2026, making USDY one of the larger tokenized real-world asset products by outstanding value.