VENUEVERITAS

RWA 比较

USDY 与 OUSG：直接担保债务与基金中基金有限合伙权益之比较

仅按证据域比较。无总冠军。 · 可发布

USDY · Ondo US Dollar Yield

  • 代币化债务证券
  • 债权主张
  • 国债利息
  • 未知

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

RWA 目录 · RWA 比较

主要结构差异

  • 法律请求权类型不同：USDY 是 Ondo USDY LLC 的优先担保债务；OUSG 则是对 Ondo I LP（一般合伙人 Ondo I GP LLC；投资管理人 Ondo Capital Management LLC）的有限合伙权益，属于私募 3(c)(7) 基金。
  • 底层风险敞口不同：USDY 直接持有国债及银行存款作为担保品；OUSG 目前绝大部分持有 BUIDL 基金份额，另加 FedFund／银行存款／USDC 流动性——属于间接的国债风险敞口。
  • 投资资格不同：USDY 依 Regulation S 仅限非美国人士；OUSG 则仅限合格买方，并揭露即时（5,000 美元）与非即时（100,000 美元／50,000 美元）的申购／赎回最低金额。

披露

  • OUSG 的国债风险敞口是通过 BUIDL 间接取得——请勿将 OUSG 描述为直接持有国库券。
  • 依产品揭露，OUSG 的 0.15% 管理费于 2027-01-01 前予以豁免；基金费用上限为 0.15%。

域比较

  • 法律请求权

    USDY · Ondo US Dollar Yield

    债权主张 — 对 Ondo USDY LLC 的优先担保债权请求权，由短期美国国债及银行存款作为担保，并由 Ankura Trust Company 担任担保代理人。

    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。

  • 收益来源

    USDY · Ondo US Dollar Yield

    国债利息 + 银行存款利息 (浮动)

    OUSG · Ondo Short-Term US Government Bond Fund

    国债利息 (浮动)

  • 底层

    USDY · Ondo US Dollar Yield

    作为 USDY 优先担保票据担保品的短期美国国债及银行存款。

    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。

  • 损失承担方

    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.

  • 赎回

    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.

  • 投资者资格

    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.

  • 托管

    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.

  • 费用

    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.

  • 到期 / 久期

    USDY · Ondo US Dollar Yield

    浮动收益 · 赎回时点：UNKNOWN

    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.

  • 审计 / 鉴证

    USDY · Ondo US Dollar Yield

    无结构化鉴证行

    OUSG · Ondo Short-Term US Government Bond Fund

    Fund Audit (—; 已研究未确定)

  • 代币控制

    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.

  • 监管结构

    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.

  • 证据时效

    USDY · Ondo US Dollar Yield

    2026-08-30

    OUSG · Ondo Short-Term US Government Bond Fund

    2026-08-30

仅本地比较。禁用词：safer、better、best、recommended、best yield、winner。Day-7：不部署。