Ondo US Dollar Yield Note

AUM: $1.40B
17D change: +5.1%
Yield · 30-day trailing APY: 4.25%
NAV: 1.1481
Expense ratio: 0.50%
Minimum: $500
Redemption: Daily
Launched: 31 Aug 2023

Depends onAnchorage Digital Bank Anchorage Digital Qualified Custody Chainlink Proof of Reserve & NAVLink LayerZero Omnichain Fungible Token

Field coverage 96%Primary-source or on-chain verified 33% of tracked metrics2/2 source documents analyst-verifiedLast reconciled 01 Oct 2026

Overview

What this product is

A secured note rather than a fund interest, deliberately structured for non-US distribution and permissionless transferability once holders complete onboarding. The trade-off is that holders are unsecured-in-form creditors of an SPV rather than shareholders in a regulated fund.

Underlying asset: Short-term US Treasuries and bank demand deposits
Asset class: Tokenized Treasury
Product structure: Debt Instrument
Legal structure: US Reg D / 3(c)(7) Fund
Issuer jurisdiction: United States
Fund domicile: United States (Delaware SPV)
Base currency: USD
Launched: 31 Aug 2023

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


BUIDL	4.16%	0.50%	$5.0M	$1.85B
USDYthis product	4.25%	0.50%	$500	$1.40B
USTB	4.11%	0.15%	$100.0K	$570.4M
JTRSY	4.18%	0.35%	$100.0K	$323.3M
OUSG	4.04%	0.15%	$100.0K	$312.9M
VBILL	4.09%	0.20%	$1.0M	$35.5M
STBT	4.01%	0.10%	$10.0K	$23.6M

Issuer

Who runs it

Ondo FinanceNew York, United States

Crypto-native issuer that packages institutional funds into on-chain instruments, splitting its range between a US qualified-purchaser product and a non-US yield-bearing note. A significant allocator into other issuers' funds, which makes it both a competitor and a distribution channel.

Portfolio

Composition

US Treasury bills91.6%
Bank demand deposits8.4%

Weighted average maturity

21 days