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RWA / YIELD INTELLIGENCE

OUSG Ondo Short-Term US Government Bond Fund

Tokenized private fundFund share

Tokenized limited partnership interest in a private fund (Ondo I LP) that primarily holds BlackRock's BUIDL fund shares to gain short-term Treasury exposure.

Compare RWAsInspect evidence

Where does the yield come from?

Trace who economically pays. Reported APY is not a guaranteed return.

  1. BUIDL fund earns Treasury/repo/cash income
  2. Ondo I LP holds BUIDL shares as a primary asset
  3. BUIDL income flows to Ondo I LP as a shareholder
  4. Ondo I LP NAV per interest increases
  5. OUSG token reflects accreted NAV
  6. Qualified Purchaser holders realize yield via NAV appreciation
Primary source
Treasury interest
Secondary source
Unknown
Who pays economically
US Treasury interest, received primarily via OUSG's holding of BUIDL fund shares.
Variable / fixed
Variable
Gross / net
Unresolved
Dated yield snapshot
Unknown

OUSG's yield is primarily a pass-through of BUIDL's underlying Treasury/repo/cash income. OUSG does not hold Treasuries directly; it holds BUIDL (and potentially other short-duration instruments) inside the Ondo I LP fund structure.

Verified structured · Source

How yield is distributed

Mechanism
NAV accretion
Notes
Value accrues into LP interest NAV; no direct coupon.

What sits underneath?

Underlying assets and strategies from primary evidence only.

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.

  • BUIDL fund shares
  • BlackRock FedFund (TFDXX)
  • Bank deposits
  • USDC

Do not present a specific current allocation percentage as a permanent fact; Ondo's own materials describe the mix as 'currently' held and subject to change.

Verified structured · Source

What happens when things go wrong?

Structural loss path — not a risk score. Unknown protections stay Unknown.

Who takes the loss first
UNKNOWN — fund-level loss allocation among LP interests not itemized this pass.
Documented protections
Exposure is layered through BUIDL as an intermediary fund rather than direct Treasury holding; BUIDL-level protections apply at that layer (see BUIDL record).
Investor exposure
OUSG holders bear LP-interest-level exposure to Ondo I LP's portfolio, primarily BUIDL NAV performance.

OUSG risk is layered through the BUIDL fund; do not treat OUSG as directly holding Treasuries.

Researched unresolved · Source

How do I get my money back?

Primary redemption ≠ secondary DEX liquidity. Eligibility is scoped.

Eligible investors
Accredited investor Qualified Purchasers (per Section 3(c)(7)); onboarding to Ondo's Qualified-Access Funds required.
Primary redemption
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.
Timing
24/7/365 for instant USDC mint/redeem; non-instant USD transactions settle on a slower (daily) basis per the product page.
Settlement asset
USDC for instant transactions; USD wire for non-instant transactions.
Minimum
Instant: $5,000 minimum for both investment and redemption. Non-instant: $100,000 minimum investment, $50,000 minimum redemption.
Restrictions
Qualified Purchaser eligibility (3(c)(7)); Regulation D Rule 506(c) offering; not offered to the general public.
Secondary liquidity
Secondary market trading (where available) is not issuer redemption.

Verified structured · Source

Who holds the underlying assets?

Separate asset custody, cash custody, crypto custody, and token control.

Asset custody
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.
Cash custody
Bank deposits held per Ondo I LP's fund structure; named bank not itemized this pass.
Crypto custody
USDC-denominated subscriptions/redemptions are processed via a Coinbase/Circle path (a Coinbase Prime address is referenced for subscriptions); onchain OUSG token custody is investor-controlled per the tokenization network used.

See tokenControl block — the InstantManager contract mediates 24/7 instant mint/redeem; transfers are whitelisted to onboarded QP addresses.

Verified structured · Source

Fees

Gross yield and net yield are not the same. Not ranked by APY.

  • Management fee (Ondo I LP)0.15% annual management fee, waived to 0% until January 1, 2027.2026-08-30 · Verified structured · Source
  • Fund expensesCapped at up to 0.15% annually.2026-08-30 · Verified structured · Source
  • Instant mint/redeem fee0% disclosed for the $5K instant-mint/instant-redeem minimum on the product page; other transaction fee terms may apply for non-instant transactions — check the current product page before relying on this as a permanent rate.2026-08-30 · Verified structured · Source

Regulation

Authorization is entity × jurisdiction × instrument scoped — not a brand label.

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.

Entity
Ondo I LP
Jurisdiction
US
Instrument
3(c)(7) private fund limited partnership interest
Authorization / registration
Regulation D, Rule 506(c) continuous offering; Ondo Capital Management LLC is SEC-registered as an investment adviser.

Verified structured · Source

Audit / assurance

Smart-contract audits are not fund audits or loan audits. No combined “audited” badge.

  • Fund AuditProvider not structuredDate unknown · An OUSG / Ondo I LP-specific fund audit report was not located on the primary pages reviewed in this pass — do not infer coverage from BUIDL's own audit/attestation reporting (see the BUIDL record), which applies to a different legal entity.Researched unresolved

Smart-contract / token controls

Operational controls — not a decentralization score.

Mint
24/7 instant minting via the InstantManager contract (0x93358...) for onboarded, whitelisted Qualified Purchaser addresses.
Burn
24/7 instant redemption via the InstantManager contract for whitelisted addresses; non-instant redemption follows a separate, slower process.
Pause
UNKNOWN
Freeze / blacklist
Whitelist-gated transfers — only onboarded QP addresses can hold/transact OUSG.
Upgrade
UNKNOWN
Allowlist
Qualified Purchaser onboarding plus KYC is required before an address is whitelisted for InstantManager mint/redeem or transfer.

Verified structured · Source

Tokenization layer

Chains
Ethereum · Polygon · Solana · XRPL
Official ownership record
Tokenized LP interests are recorded onchain across the networks above; a portion of OUSG LP interests may also exist in non-tokenized book-entry form (per the product page footnote).
Transfer restrictions
Whitelist/allowlist-gated to onboarded Qualified Purchaser addresses.

Non-tokenized book-entry interests are excluded from the tokenized 'Current Value' figures reported on the product page.

Verified structured · Source

Research dimensions

  • Who can invest in OUSG?

    Qualified Purchasers only, under the Section 3(c)(7) exclusion — not offered to the general public.

    Verified structured · Source

  • What does OUSG actually hold?

    Primarily BlackRock's BUIDL fund shares inside Ondo I LP, not direct Treasury bills.

    Verified structured · Source

  • Is OUSG a direct Treasury holding?

    No — it is a limited partnership interest whose primary exposure is BUIDL fund shares, an indirect (one-layer-removed) Treasury exposure.

    Verified structured · Source

What must keep working?

Material dependencies only. Count is not a risk score.

  • IssuerOndo I LPFund interest issuance
  • Underlying FundBlackRock BUIDL fundPrimary yield-bearing holding
  • Asset managerOndo FinanceFund management
  • EligibilityQualified Purchaser gatingLegal investor eligibility

Evidence domains

  • Entity / issuerVerified structured

    Ondo I LP + BUIDL named

  • Legal claimVerified structured

    LP interest, 3(c)(7)

  • Yield sourceVerified structured

    Treasury interest via BUIDL

  • Yield waterfallVerified structured
  • Loss waterfallResearched unresolved

    LP-level loss allocation unresolved

  • Underlying assetsVerified structured

    Primarily BUIDL shares

  • Distribution mechanismVerified structured

    NAV accretion

  • RedemptionVerified structured

    QP eligibility documented

  • FeesResearched unresolved
  • CustodyResearched unresolved

    Custodian not named

  • RegulationVerified structured

    3(c)(7) private fund

  • Assurance / auditNot researched

    No assurance report identified this pass

  • Token controlResearched unresolved
  • Tokenization / chainResearched unresolved

    Chain(s) not itemized

  • DependenciesVerified structured
  • Geographic / eligibility restrictionsVerified structured

    Qualified Purchaser only

Open gaps

  • Named custodian for Ondo I LP's non-BUIDL assets (bank deposits, TFDXX, USDC) not itemized
  • Exact current per-fund allocation percentage (BUIDL vs. other sweep/fund partners vs. bank deposits vs. USDC) is a dated, time-varying snapshot — not stored here as a fixed allocation
  • OUSG / Ondo I LP-specific fund audit report not located

Primary sources

RWA / Yield Asset Intelligence. No RWA score. No APY ranking. Unresolved states remain unresolved.