RWA 比较
OUSG 与 USTB：连结 BUIDL 的有限合伙权益与 Invesco 短期基金份额之比较
仅按证据域比较。无总冠军。 · 可发布
OUSG · Ondo Short-Term US Government Bond Fund
- 代币化私募基金
- 基金份额
- 国债利息
- Ethereum +3
USTB · Superstate Short Duration US Government Securities Fund
- 代币化私募基金
- 基金份额
- 国债利息
- 未知
主要结构差异
- 底层管理人／基金不同：OUSG 主要持有 BlackRock 的 BUIDL 基金（另加流动性部位）；USTB 则持有由 Invesco 管理的短期美国政府证券基金份额。
- 代币化／过户代理的细节不同：OUSG 针对合格买方（QP）的转让采用 Ondo InstantManager／白名单机制；USTB 则以 Superstate 的 FundOS 作为过户代理人。
- 揭露的最低金额不同：USTB 揭露 100,000 美元的最低金额（除非豁免）；OUSG 则揭露即时铸造／赎回最低 5,000 美元，以及非即时申购／赎回最低 100,000 美元／50,000 美元。
披露
- 双方皆要求合格买方／白名单形式的资格条件，并非提供一般公众使用。
- OUSG 管理费的豁免至 2027-01-01 为止，具有时间限制——请勿将此豁免视为永久零成本。
域比较
法律请求权
OUSG · Ondo Short-Term US Government Bond Fund基金份额 — 对 Ondo I LP 的有限合伙权益，该私募基金依《投资公司法》第 3(c)(7) 条规定，仅限合格买方（Qualified Purchasers）投资。
USTB · Superstate Short Duration US Government Securities Fund基金份额 — Invesco Short Duration US Government Securities Fund 的基金份额，通过 Superstate 的 FundOS 过户代理平台完成代币化及过户纪录。
收益来源
OUSG · Ondo Short-Term US Government Bond Fund国债利息 (浮动)
USTB · Superstate Short Duration US Government Securities Fund国债利息 (浮动)
底层
OUSG · Ondo Short-Term US Government Bond Fund依 Ondo 官方 OUSG FAQ 所述，投资组合目前绝大部分持有于 BlackRock 的 USD Institutional Digital Liquidity Fund（BUIDL），其余则为 BlackRock 的 FedFund（TFDXX）、银行存款，以及为流动性目的所持有的 USDC；该基金未来可能新增其他美国国债基金或直接持有国债。Ondo 即时的投资组合总览表亦列出除 BUIDL 之外的其他机构基金合作方——目前各基金的配置百分比属于随时间变动的特定日期数字，本文不将其记录为固定快照。
USTB · Superstate Short Duration US Government Securities Fund短期美国国库券。
损失承担方
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.
赎回
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.
投资者资格
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.
托管
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.
费用
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
到期 / 久期
OUSG · Ondo Short-Term US Government Bond Fund浮动收益 · 赎回时点：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 Fund浮动收益 · 赎回时点：UNKNOWN
审计 / 鉴证
OUSG · Ondo Short-Term US Government Bond FundFund Audit (—; 已研究未确定)
USTB · Superstate Short Duration US Government Securities Fund无结构化鉴证行
代币控制
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.
监管结构
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.
证据时效
OUSG · Ondo Short-Term US Government Bond Fund2026-08-30
USTB · Superstate Short Duration US Government Securities Fund2026-08-30
仅本地比较。禁用词：safer、better、best、recommended、best yield、winner。Day-7：不部署。