RWA compare
OUSG vs USTB: BUIDL-linked LP interest vs Invesco short-duration fund share
Evidence-domain compares only. No overall winner. · Publication ready
OUSG · Ondo Short-Term US Government Bond Fund
- Tokenized private fund
- Fund share
- Treasury interest
- Ethereum +3
USTB · Superstate Short Duration US Government Securities Fund
- Tokenized private fund
- Fund share
- Treasury interest
- Unknown
Key structural differences
- Different underlying manager/fund: OUSG holds primarily BlackRock's BUIDL fund (plus liquidity sleeve); USTB holds shares of an Invesco-managed short-duration US government securities fund.
- Different tokenization / transfer-agent detail: OUSG uses Ondo InstantManager / whitelist rails for QP transfers; USTB uses Superstate's FundOS as transfer agent.
- Different disclosed minimums: USTB discloses a $100,000 minimum (unless waived); OUSG discloses instant mint/redeem from $5,000 and non-instant invest/redeem floors of $100,000/$50,000.
Disclosures
- Both require Qualified Purchaser / allowlist-style eligibility, not general public access.
- OUSG management fee waiver through 2027-01-01 is time-bounded — do not treat waived fee as permanent zero cost.
Domain comparison
Legal claim
OUSG · Ondo Short-Term US Government Bond FundFund share — Limited partnership interest in Ondo I LP, a private fund restricted to Qualified Purchasers under Section 3(c)(7) of the Investment Company Act.
USTB · Superstate Short Duration US Government Securities FundFund share — Fund share in the Invesco Short Duration US Government Securities Fund, tokenized and transfer-recorded via Superstate's FundOS transfer agent platform.
Yield source
OUSG · Ondo Short-Term US Government Bond FundTreasury interest (Variable)
USTB · Superstate Short Duration US Government Securities FundTreasury interest (Variable)
Underlying
OUSG · Ondo Short-Term US Government Bond FundPer Ondo's official OUSG FAQ, the significant majority of the portfolio is currently held in BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), with the remainder in BlackRock's FedFund (TFDXX), bank deposits, and USDC held for liquidity purposes; the fund may in the future add other US Treasury funds or direct Treasury holdings. Ondo's live Portfolio Overview table also lists additional institutional fund partners alongside BUIDL — current per-fund allocation percentages are dated and time-varying and are not stored here as a fixed snapshot.
USTB · Superstate Short Duration US Government Securities FundShort-duration US Treasury bills.
Loss bearer
OUSG · Ondo Short-Term US Government Bond FundUNKNOWN — fund-level loss allocation among LP interests not itemized this pass.
USTB · Superstate Short Duration US Government Securities FundUNKNOWN — fund-level loss allocation not itemized this pass beyond standard short-duration Treasury fund risk.
Redemption
OUSG · Ondo Short-Term US Government Bond Fund24/7 instant mint/redeem via USDC through the InstantManager contract (0x93358...), subject to a $5,000 instant minimum; non-instant redemption via USD wire is also available.
USTB · Superstate Short Duration US Government Securities FundRedemption via Superstate FundOS at NAV, subject to allowlist eligibility.
Investor eligibility
OUSG · Ondo Short-Term US Government Bond FundAccredited investor Qualified Purchasers (per Section 3(c)(7)); onboarding to Ondo's Qualified-Access Funds required.
USTB · Superstate Short Duration US Government Securities FundAllowlisted holders only.
Custody
OUSG · Ondo Short-Term US Government Bond FundBUIDL — the fund's largest disclosed holding — is itself custodied at BNY Mellon at the underlying-fund level (see the BUIDL record); Ondo I LP's fund-level custody arrangements for its other assets (TFDXX, bank deposits, USDC) are not itemized as a named custodian in this pass.
USTB · Superstate Short Duration US Government Securities FundFund assets held per Invesco fund custody arrangements; specific custodian not itemized this pass.
Fees
OUSG · Ondo Short-Term US Government Bond FundManagement fee (Ondo I LP): 0.15% annual management fee, waived to 0% until January 1, 2027.
USTB · Superstate Short Duration US Government Securities FundFund management fee (Invesco): UNKNOWN
Maturity / duration
OUSG · Ondo Short-Term US Government Bond FundVariable yield · redemption timing: 24/7/365 for instant USDC mint/redeem; non-instant USD transactions settle on a slower (daily) basis per the product page.
USTB · Superstate Short Duration US Government Securities FundVariable yield · redemption timing: UNKNOWN
Audit / assurance
OUSG · Ondo Short-Term US Government Bond FundFund Audit (—; Researched unresolved)
USTB · Superstate Short Duration US Government Securities FundNo structured assurance row
Token control
OUSG · Ondo Short-Term US Government Bond Fund24/7 instant minting via the InstantManager contract (0x93358...) for onboarded, whitelisted Qualified Purchaser addresses.
USTB · Superstate Short Duration US Government Securities FundSuperstate FundOS-controlled issuance to allowlisted holders.
Regulatory structure
OUSG · Ondo Short-Term US Government Bond FundOndo I LP is a private fund relying on the Section 3(c)(7) exclusion under the Investment Company Act, limiting investors to Qualified Purchasers; interests are offered via a continuous Regulation D Rule 506(c) offering — not a registered public offering.
USTB · Superstate Short Duration US Government Securities FundUSTB represents shares in a private fund managed by Invesco, tokenized via Superstate's FundOS platform; offered to eligible/allowlisted investors, not the general public.
Evidence recency
OUSG · Ondo Short-Term US Government Bond Fund2026-08-30
USTB · Superstate Short Duration US Government Securities Fund2026-08-30
Local compare only. Forbidden: safer, better, best, recommended, best yield, winner. Day-7: no deploy.