Ondo US Dollar Yield
USDY Rank #49Price chart
What is Ondo US Dollar Yield?
Origin and legal structure
Ondo introduced USDY in August 2023. The original notes were issued through Ondo USDY LLC. In December 2025, the product joined the Ondo Stocks umbrella, with current issuance handled by Ondo Global Markets (BVI) Limited. The backing depends on when the notes were issued. Eligible collateral includes short-term US Treasuries, iShares Short Treasury Bond ETF shares and bank demand deposits.
Yield accounting
USDY expresses accumulated income through its per-token redemption value. Its balance therefore does not automatically increase when interest accrues. The separate rUSDY version distributes the same economic accrual through rebasing balances. A wrapper holds underlying USDY while issuing rUSDY against it. Combining both supplies without accounting for the wrapper would count the same backing twice.
Access and applications
The product is available to qualifying non-US investors under geographic and investor-eligibility restrictions. Direct subscriptions require onboarding and identity verification. The current application supports minting with USDC and redemption through eligible Ondo entities. Tokens can serve as dollar-denominated holdings or collateral in integrated smart-contract applications. Issuance and redemption change the number of notes outstanding instead of following a mining schedule.
Where to trade USDY
14 exchanges · top 10
Live spot quotes from connected exchanges
USDY funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.