Ondo US Dollar Yield

USDY is a tokenized note from Ondo Finance, backed by US Treasury bills, that pays their interest as yield.

Ondo US Dollar Yield (USDY) is a token that represents a debt note: the issuer owes holders a US-dollar amount that grows with interest. It was launched by Ondo Finance on 3 August 2023, originally issued by Ondo USDY LLC, a US special purpose vehicle designed to be bankruptcy-remote. Ondo's documentation says that since 15 December 2025 the issuer has been folded into its Ondo Stocks business.

The note is backed by short-term US Treasury bills and, depending on when tokens were issued, shares of a short-Treasury ETF or bank deposits. On 24 September 2026 Ondo reported US$2.29B of underlying assets: about 91% US Treasuries, about 9% in a line labelled 'Ondo Stocks issued USDY', and small amounts of bank deposits. Ankura and StoneX provide daily and monthly attestation reports, and at launch Ankura Trust was named collateral agent for holders.

Holders earn the interest from these assets, minus Ondo's fees. The standard USDY token rises in price as interest accrues (about US$1.15 in September 2026, at a stated 3.60% APY), while rUSDY keeps a US$1 price and adds tokens daily. On 27 September 2026 CoinGecko showed a market capitalisation of about US$2.28B across Ethereum, Solana, Arbitrum, BNB Chain, Sui, Stellar and other networks.

USDY is sold only outside the United States and requires identity checks. It is closed to US and Canadian persons and to residents of Russia and sanctioned countries; in the EU, UK, Malaysia, Singapore and some other places only professional or wealthy investors may buy it from the issuer. In December 2025 Ondo said the US SEC had closed an investigation into its tokenization business without charges.