Profile
USDY profile facts
Ondo US Dollar Yield (USDY) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar-denominated NAV.
- Collateral
- Issuance-dependent U.S. Treasuries, bank deposits, and Ondo-tokenized iShares Short Treasury Bond ETF exposure
- Peg mechanism
- Eligible registered holders can redeem USDY through Ondo's InstantManager for supported stablecoins at the oracle-priced value, subject to compliance, pause state, user and global limits, actual router liquidity, and user-specific fees. The issuer integration guide specifies USDC on Ethereum, USDT on BNB Chain, and pathUSD on Tempo. This on-chain route is distinct from bank-wire redemption and does not establish current same-notional capacity or an all-holder fee ceiling.
- Jurisdiction
- British Virgin Islands
- Proof of reserves
- Independent Attestation by Ankura Trust Reserve source
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
USDY quick answers
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What is Ondo US Dollar Yield (USDY)?
USDY is Ondo's yield-bearing secured note, backed by Treasuries, bank deposits and tokenized Treasury ETF exposure; qualifying non-U.S. investors only. The static profile records its US Dollar-denominated NAV accounting mechanism as: Eligible registered holders can redeem USDY through Ondo's InstantManager for supported stablecoins at the oracle-priced value, subject to compliance, pause state, user and global limits, actual router liquidity, and user-specific fees.
Is USDY safe?
As of Oct 25, 2026, Pharos grades USDY C (55/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to customers the issuer has verified. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs USDY?
Pharos records USDY's reserves as of Oct 19, 2026 as 87.7% US Treasuries (issuer portfolio category), 12.3% SHVon, Ondo tokenized iShares 0-1 Year Treasury Bond ETF, under 0.1% Silicon Valley Bank bank deposits (issuer portfolio category), and 1 smaller holding. Reserve evidence: Independent Attestation by Ankura Trust, latest period ending Oct 15, 2026. Pharos classifies the backing as Real-World Asset Backed.
Can USDY be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.
How do you redeem USDY?
Under the route Pharos reviewed on Oct 7, 2026, customers the issuer has verified can redeem USDY for USDC, with a $1 minimum. Redemption settles atomically on-chain. The reviewed redemption fee is at least 0%. Whether a given holder qualifies is set by the route's own terms, not by this summary.
