Ondo US Dollar Yield (USDY)
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anchored·k6SKtt…r92hSummary
Ondo US Dollar Yield (USDY) is a tokenized yield-bearing note issued by Ondo USDY LLC, a Delaware bankruptcy-remote special purpose vehicle affiliated with Ondo Finance, and backed by short-duration U.S. Treasuries, iShares Short Treasury Bond ETF shares, and bank demand deposits. The token is offered exclusively to non-U.S. persons under a Regulation S exemption, accrues yield through a rising token price or daily rebasing, and had grown to approximately $740 million in supply across ten blockchains as of early 2026. A two-year SEC investigation into Ondo Finance was closed without charges in December 2025, though ongoing risks include centralized price-setting infrastructure, limited FDIC deposit coverage on a portion of reserves, and access and composability constraints imposed by the token's on-chain allowlist system.
Connected Entities
9 entities · 60 linked investigations- Stellar→mentioned with→Ethereum(60%)
- Mantle→mentioned with→Ethereum(80%)
- Ondo Finance→mentioned with→Solana(70%)
- Ondo Finance→mentioned with→Ethereum(80%)
- Binance→mentioned with→Ethereum(65%)
- Cosmos (ATOM)→mentioned with→Binance(60%)
- Ondo US Dollar Yield (USDY)→mentioned with→Cosmos (ATOM)(80%)
- Ondo US Dollar Yield (USDY)→mentioned with→Arbitrum(60%)
- Ondo US Dollar Yield (USDY)→mentioned with→Stellar(60%)
- Ondo US Dollar Yield (USDY)→mentioned with→Solana(70%)
- + 9 more
Connected Through
8 shared actors · 629 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □Binanceorganization
- □Solanaorganization
- □Arbitrumorganization
Timeline(12 events)
3 August 2023
Ondo Finance announces the launch of USD Yield (USDY) on Ethereum as a tokenized note secured by U.S. Treasuries and bank deposits, offering 5% APY to non-U.S. investors.
Ondo Finance BlogOctober 2023
SEC initiates a confidential investigation into Ondo Finance, examining whether its tokenized real-world asset products and the ONDO token comply with federal securities laws.
CoinDeskFebruary 2024
Ondo Finance expands USDY to Solana, with Solana eventually hosting approximately 35% of total USDY float.
InvezzApril 2024
Code4rena and Cyfrin complete independent smart contract audits of the USDY Ethereum contract suite.
Ondo Finance DocumentationJune 2024
Halborn completes the first of two security audits for USDY's Noble (Cosmos) blockchain deployment.
Ondo Finance DocumentationFebruary 2025
Halborn completes a security audit of the USDY Ethereum contracts.
Ondo Finance DocumentationMarch 2025
USDY total supply surpasses $1 billion in TVL, a significant adoption milestone for tokenized U.S. Treasuries.
Ondo Finance BlogMarch 2025
Spearbit completes a security audit of the USDY Ethereum contracts.
Ondo Finance Documentation8 December 2025
The SEC formally closes its two-year investigation into Ondo Finance without filing charges, finding no enforcement action warranted. ONDO token gains approximately 6% on the news.
CoinDesk4 December 2025
Ondo Finance submits a letter to SEC Chair Paul Atkins and the Crypto Task Force outlining models for onchain migration of securities markets.
U.S. Securities and Exchange Commission15 December 2025
Ondo USDY LLC is folded into the Ondo Stocks product umbrella, though USDY continues operating under its existing legal and structural framework.
Eco Support - Ondo USDY Tokenized Treasuries Explained13 April 2026
Ondo Finance submits a second letter to SEC Director Jamie Selway and the Crypto Task Force detailing further proposals for securities tokenization.
U.S. Securities and Exchange CommissionDecision Log
- slot 457573449 · hash 6hcF3YL2Lw5KvTGKHUhnVQQpcSLtSp8gcKX1Afi97H77
- slot 443524037 · hash 97dZ6sbQv5TZQrHeHToReSkWsH2GSTnhM6ccppjdYrRW
- slot 443524026 · hash 4DVHmsh1UubpMWfTW9563WTJ2yEzxP1LfnbXWiVRgPdq
- slot 443501342 · hash HNUuejYUezUKvVU1DF6H2L3okw7FssDJmHt7k5WKgW3L
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 19 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 7/22/2026, 12:09:32 PM
last updated: 8/27/2026, 5:40:08 AM
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