RWA compare
YLDS vs USDY: face-amount certificate vs secured debt note
Evidence-domain compares only. No overall winner. · Publication ready
YLDS · YLDS
- Tokenized debt security
- Debt claim
- Treasury interest
- Unknown
USDY · Ondo US Dollar Yield
- Tokenized debt security
- Debt claim
- Treasury interest
- Unknown
Key structural differences
- Different legal claim type: YLDS is a face-amount certificate issued by an SEC-registered 1940 Act company; USDY is senior secured debt of Ondo USDY LLC offered under Regulation S.
- Different distribution mechanism: YLDS pays monthly interest directly; USDY accrues value via an appreciating redemption price (NAV accretion) with no periodic coupon.
- Different investor eligibility: YLDS is offered via an SEC-registered prospectus; USDY is restricted to non-US persons under Regulation S.
Disclosures
- YLDS's certificate-backing asset composition is not itemized in this pass.
- USDY's collateral allocation split (Treasuries vs bank deposits) is not itemized in this pass.
Domain comparison
Legal claim
YLDS · YLDSDebt claim — Face-amount certificate — a debt claim against Figure Certificate Company under its Investment Company Act of 1940 face-amount certificate company registration.
USDY · Ondo US Dollar YieldDebt 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.
Yield source
YLDS · YLDSTreasury interest (Variable)
USDY · Ondo US Dollar YieldTreasury interest + Bank deposit interest (Variable)
Underlying
YLDS · YLDSFigure Certificate Company's asset portfolio backing its face-amount certificate obligations, as described in its SEC registration/prospectus.
USDY · Ondo US Dollar YieldShort-term US Treasuries and bank deposits held as collateral for USDY's senior secured notes.
Loss bearer
YLDS · YLDSUNKNOWN — prospectus-level loss allocation/seniority detail beyond 'face-amount certificate' not fully structured this pass.
USDY · Ondo US Dollar YieldUNKNOWN — specific note seniority/loss waterfall beyond 'senior secured' not itemized this pass.
Redemption
YLDS · YLDSCertificate redemption per Figure Certificate Company terms in the SEC prospectus.
USDY · Ondo US Dollar YieldRedemption at the prevailing accreted price via Ondo's USDY redemption mechanism, subject to eligibility.
Investor eligibility
YLDS · YLDSPer SEC-registered offering terms; specific investor eligibility not itemized this pass.
USDY · Ondo US Dollar YieldNon-US persons under Regulation S; US persons excluded from primary issuance/redemption per offering terms.
Custody
YLDS · YLDSUMB Bank, N.A. and Flagstar Bank named as custodians in the certificate structure.
USDY · Ondo US Dollar YieldCollateral held under Ankura Trust Company as collateral agent for the secured note structure.
Fees
YLDS · YLDSCertificate company management/administrative fee: UNKNOWN
USDY · Ondo US Dollar YieldManagement / sponsor fee: UNKNOWN
Maturity / duration
YLDS · YLDSVariable yield · redemption timing: UNKNOWN
USDY · Ondo US Dollar YieldVariable yield · redemption timing: UNKNOWN
Audit / assurance
YLDS · YLDSNo structured assurance row
USDY · Ondo US Dollar YieldNo structured assurance row
Token control
YLDS · YLDSUNKNOWN — issuance mechanics not itemized in the prospectus excerpt reviewed this pass.
USDY · Ondo US Dollar YieldUNKNOWN
Regulatory structure
YLDS · YLDSYLDS is issued by Figure Certificate Company, an SEC-registered face-amount certificate company under the Investment Company Act of 1940, offered via an SEC-registered prospectus.
USDY · Ondo US Dollar YieldUSDY 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.
Evidence recency
YLDS · YLDS2026-08-30
USDY · Ondo US Dollar Yield2026-08-30
Local compare only. Forbidden: safer, better, best, recommended, best yield, winner. Day-7: no deploy.