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RWA compare

USDY vs OUSG: direct secured debt vs fund-of-fund LP interest

Evidence-domain compares only. No overall winner. · Publication ready

USDY · Ondo US Dollar Yield

  • Tokenized debt security
  • Debt claim
  • Treasury interest
  • Unknown

OUSG · Ondo Short-Term US Government Bond Fund

  • Tokenized private fund
  • Fund share
  • Treasury interest
  • Ethereum +3

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Key structural differences

  • Different legal claim type: USDY is senior secured debt of Ondo USDY LLC; OUSG is a limited partnership interest in Ondo I LP (GP Ondo I GP LLC; IM Ondo Capital Management LLC), a private 3(c)(7) fund.
  • Different underlying exposure: USDY holds Treasuries and bank deposits directly as collateral; OUSG currently holds a significant majority in BUIDL fund shares plus FedFund/bank deposits/USDC liquidity — an indirect Treasury exposure.
  • Different eligibility: USDY is Reg S non-US persons; OUSG is Qualified Purchasers only, with disclosed instant ($5k) and non-instant ($100k/$50k) subscription/redemption minimums.

Disclosures

  • OUSG's Treasury exposure is indirect via BUIDL — do not describe OUSG as directly holding Treasury bills.
  • OUSG management fee 0.15% is waived until 2027-01-01 per product disclosure; fund expenses capped at 0.15%.

Domain comparison

  • Legal claim

    USDY · Ondo US Dollar Yield

    Debt claim — Senior secured debt claim against Ondo USDY LLC, secured by short-term US Treasuries and bank deposits, with Ankura Trust Company as collateral agent.

    OUSG · Ondo Short-Term US Government Bond Fund

    Fund 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.

  • Yield source

    USDY · Ondo US Dollar Yield

    Treasury interest + Bank deposit interest (Variable)

    OUSG · Ondo Short-Term US Government Bond Fund

    Treasury interest (Variable)

  • Underlying

    USDY · Ondo US Dollar Yield

    Short-term US Treasuries and bank deposits held as collateral for USDY's senior secured notes.

    OUSG · Ondo Short-Term US Government Bond Fund

    Per 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.

  • Loss bearer

    USDY · Ondo US Dollar Yield

    UNKNOWN — specific note seniority/loss waterfall beyond 'senior secured' not itemized this pass.

    OUSG · Ondo Short-Term US Government Bond Fund

    UNKNOWN — fund-level loss allocation among LP interests not itemized this pass.

  • Redemption

    USDY · Ondo US Dollar Yield

    Redemption at the prevailing accreted price via Ondo's USDY redemption mechanism, subject to eligibility.

    OUSG · Ondo Short-Term US Government Bond Fund

    24/7 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.

  • Investor eligibility

    USDY · Ondo US Dollar Yield

    Non-US persons under Regulation S; US persons excluded from primary issuance/redemption per offering terms.

    OUSG · Ondo Short-Term US Government Bond Fund

    Accredited investor Qualified Purchasers (per Section 3(c)(7)); onboarding to Ondo's Qualified-Access Funds required.

  • Custody

    USDY · Ondo US Dollar Yield

    Collateral held under Ankura Trust Company as collateral agent for the secured note structure.

    OUSG · Ondo Short-Term US Government Bond Fund

    BUIDL — 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.

  • Fees

    USDY · Ondo US Dollar Yield

    Management / sponsor fee: UNKNOWN

    OUSG · Ondo Short-Term US Government Bond Fund

    Management fee (Ondo I LP): 0.15% annual management fee, waived to 0% until January 1, 2027.

  • Maturity / duration

    USDY · Ondo US Dollar Yield

    Variable yield · redemption timing: UNKNOWN

    OUSG · Ondo Short-Term US Government Bond Fund

    Variable 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.

  • Audit / assurance

    USDY · Ondo US Dollar Yield

    No structured assurance row

    OUSG · Ondo Short-Term US Government Bond Fund

    Fund Audit (—; Researched unresolved)

  • Token control

    USDY · Ondo US Dollar Yield

    UNKNOWN

    OUSG · Ondo Short-Term US Government Bond Fund

    24/7 instant minting via the InstantManager contract (0x93358...) for onboarded, whitelisted Qualified Purchaser addresses.

  • Regulatory structure

    USDY · Ondo US Dollar Yield

    USDY notes are offered under Regulation S to non-US persons as senior secured debt of Ondo USDY LLC; not a registered public securities offering to US persons in this structure.

    OUSG · Ondo Short-Term US Government Bond Fund

    Ondo 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.

  • Evidence recency

    USDY · Ondo US Dollar Yield

    2026-08-30

    OUSG · Ondo Short-Term US Government Bond Fund

    2026-08-30

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