VENUEVERITAS

RWA / YIELD INTELLIGENCE

USDY Ondo US Dollar Yield

Tokenized debt securityDebt claim

Regulation S token (non-US persons) representing senior secured debt of Ondo USDY LLC; value accrues via an appreciating redemption price rather than periodic interest payments.

Compare RWAsInspect evidence

Where does the yield come from?

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

  1. Collateral pool earns interest

    Short-term Treasuries + bank deposits

  2. Ankura Trust holds/monitors collateral

    Collateral agent

  3. Interest income accrues inside Ondo USDY LLC
  4. Accrued value increases redemption price

    NAV-style accretion

  5. Holders realize yield on redemption/sale

    Not via coupon

  6. Reg S restricts primary issuance/redemption to non-US persons
Primary source
Treasury interest
Secondary source
Bank deposit interest
Who pays economically
Short-term US Treasuries and bank deposits held as collateral for the senior secured notes.
Variable / fixed
Variable
Gross / net
Unresolved
Dated yield snapshot
Unknown

Collateral interest accrues into the note's redemption price over time (NAV-style accretion) rather than being distributed as a coupon.

Verified structured · Source

How yield is distributed

Mechanism
NAV accretion
Notes
Appreciating redemption price; no periodic coupon distributed to holders.

What sits underneath?

Underlying assets and strategies from primary evidence only.

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

  • Short-term US Treasuries
  • Bank deposits

Exact allocation split not itemized this pass.

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 — specific note seniority/loss waterfall beyond 'senior secured' not itemized this pass.
Documented protections
Senior secured status and Ankura Trust as collateral agent provide structural protection; over-collateralization ratio not structured this pass.
Investor exposure
Holders bear credit exposure to Ondo USDY LLC as a secured creditor; residual risk if collateral value falls below note obligations is UNKNOWN.

Researched unresolved · Source

How do I get my money back?

Primary redemption ≠ secondary DEX liquidity. Eligibility is scoped.

Eligible investors
Non-US persons under Regulation S; US persons excluded from primary issuance/redemption per offering terms.
Primary redemption
Redemption at the prevailing accreted price via Ondo's USDY redemption mechanism, subject to eligibility.
Timing
UNKNOWN
Settlement asset
UNKNOWN
Minimum
UNKNOWN
Restrictions
Regulation S — non-US persons only for primary issuance/redemption.
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
Collateral held under Ankura Trust Company as collateral agent for the secured note structure.
Cash custody
UNKNOWN — specific bank deposit institutions not itemized this pass.
Crypto custody
Token issued onchain; specific chain(s) not itemized in the sources reviewed this pass.

See tokenControl block.

Verified structured · Source

Fees

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

  • Management / sponsor feeUNKNOWNResearched unresolved · Source
  • Collateral agent feeUNKNOWNResearched unresolved · Source

Regulation

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

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.

Entity
Ondo USDY LLC
Jurisdiction
US (issuer) / non-US (Reg S offerees)
Instrument
Regulation S senior secured note
Authorization / registration
UNKNOWN — no additional licensing instrument located this pass

Verified structured · Source

Audit / assurance

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

No structured assurance rows in this pack.

Smart-contract / token controls

Operational controls — not a decentralization score.

Mint
UNKNOWN
Burn
UNKNOWN
Pause
UNKNOWN
Freeze / blacklist
UNKNOWN
Upgrade
UNKNOWN
Allowlist
Regulation S eligibility gating referenced; specific onchain allowlist mechanics UNKNOWN.

Researched unresolved · Source

Tokenization layer

Chains
Unknown
Official ownership record
UNKNOWN
Transfer restrictions
Regulation S transfer restrictions referenced (non-US persons).

Specific chain deployment(s) not itemized in the sources reviewed this pass (UNKNOWN).

Researched unresolved · Source

Research dimensions

  • Who can hold/redeem USDY?

    Non-US persons, per Regulation S; US persons are excluded from primary issuance/redemption under this structure.

    Verified structured · Source

  • What backs USDY?

    Short-term US Treasuries and bank deposits held as collateral, with Ankura Trust Company as collateral agent.

    Verified structured · Source

  • How does USDY pay yield?

    Via an appreciating redemption price (NAV accretion), not periodic coupon payments.

    Verified structured · Source

What must keep working?

Material dependencies only. Count is not a risk score.

  • Legal issuerOndo USDY LLCNote issuance
  • Collateral AgentAnkura Trust CompanyCollateral agency
  • AssetShort-term US TreasuriesYield-bearing collateral
  • BankBank deposit counterpartiesYield-bearing collateral
  • Asset managerOndo FinanceProgram sponsorship

Evidence domains

  • Entity / issuerVerified structured

    Ondo USDY LLC + Ankura named

  • Legal claimVerified structured

    Senior secured debt claim

  • Yield sourceVerified structured

    Treasury + bank deposit interest

  • Yield waterfallVerified structured
  • Loss waterfallResearched unresolved

    Full loss waterfall unresolved

  • Underlying assetsVerified structured

    Treasuries + bank deposits

  • Distribution mechanismVerified structured

    NAV accretion

  • RedemptionVerified structured

    Reg S eligibility documented

  • FeesResearched unresolved
  • CustodyVerified structured

    Ankura collateral agent

  • RegulationVerified structured

    Reg S structure

  • 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

    Reg S non-US only

Open gaps

  • Collateral allocation split (Treasuries vs bank deposits)
  • Chain deployment detail
  • Token control-plane mechanics
  • Redemption timing/minimums

Primary sources

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