收益从何而来？
追溯经济上的支付方。公示 APY 不是保证回报。
- BUIDL fund earns Treasury/repo/cash income
- Ondo I LP holds BUIDL shares as a primary asset
- BUIDL income flows to Ondo I LP as a shareholder
- Ondo I LP NAV per interest increases
- OUSG token reflects accreted NAV
- Qualified Purchaser holders realize yield via NAV appreciation
- 一级来源
- 国债利息
- 二级来源
- 未知
- 经济上的支付方
- US Treasury interest, received primarily via OUSG's holding of BUIDL fund shares.
- 浮动 / 固定
- 浮动
- 毛收益 / 净收益
- 未确定
- 带日期的收益快照
- 未知
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.
收益如何分配
- 机制
- 净值累积
- 备注
- Value accrues into LP interest NAV; no direct coupon.
代币代表什么？
持有代币并不自动等于直接拥有底层资产。
- 法律请求权类型
- 基金份额
- 注册地
- US
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。
衍生 / 包装请求权: OUSG's exposure to Treasuries is indirect — primarily via holding BUIDL fund shares inside Ondo I LP, not via direct Treasury ownership. Do not describe OUSG as directly holding Treasury bills.
官方网站 https://docs.ondo.finance
发行人、管理人与服务方
- 发行人Ondo I LP
US — Delaware limited partnership; private fund issuing OUSG interests to Qualified Purchasers under a continuous Reg D Rule 506(c) offering.
- 其他Ondo I GP LLC
US — General partner of Ondo I LP; Ondo Finance Inc. is the sole member.
- 投资管理人Ondo Capital Management LLC
US — SEC-registered investment adviser to Ondo I LP; Ondo Finance Inc. is the sole member.
- 资产管理方Ondo Finance Inc.
US — Delaware corporation; provides tokenization services and is the sole member of both Ondo I GP LLC and Ondo Capital Management LLC.
- 其他BlackRock USD Institutional Digital Liquidity Fund (BUIDL)
British Virgin Islands — Per Ondo's own FAQ, currently the significant majority holding through which OUSG gains Treasury-adjacent exposure (exact current % not stored here — see underlying.notes); other disclosed holdings include BlackRock FedFund (TFDXX), bank deposits, and USDC.
底层是什么？
仅基于一级证据的底层资产与策略。
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。
- 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.
出问题时会发生什么？
结构性损失路径——不是风险评分。未知保护保持 Unknown。
- 谁首先承担损失
- UNKNOWN — fund-level loss allocation among LP interests not itemized this pass.
- 已记录的保护安排
- Exposure is layered through BUIDL as an intermediary fund rather than direct Treasury holding; BUIDL-level protections apply at that layer (see BUIDL record).
- 投资者敞口
- 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.
如何拿回资金？
一级赎回 ≠ 二级 DEX 流动性。资格是有范围的。
- 合格投资者
- Accredited investor Qualified Purchasers (per Section 3(c)(7)); onboarding to Ondo's Qualified-Access Funds required.
- 一级赎回
- 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.
- 时点
- 24/7/365 for instant USDC mint/redeem; non-instant USD transactions settle on a slower (daily) basis per the product page.
- 结算资产
- USDC for instant transactions; USD wire for non-instant transactions.
- 最低额
- Instant: $5,000 minimum for both investment and redemption. Non-instant: $100,000 minimum investment, $50,000 minimum redemption.
- 限制
- Qualified Purchaser eligibility (3(c)(7)); Regulation D Rule 506(c) offering; not offered to the general public.
- 二级流动性
- Secondary market trading (where available) is not issuer redemption.
谁持有底层资产？
分别梳理资产托管、现金托管、加密资产托管与代币控制。
- 资产托管
- 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.
- 现金托管
- Bank deposits held per Ondo I LP's fund structure; named bank not itemized this pass.
- 加密资产托管
- 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.
费用
毛收益与净收益不是一回事。不按 APY 排名。
- Management fee (Ondo I LP)0.15% annual management fee, waived to 0% until January 1, 2027.
- Fund expensesCapped at up to 0.15% annually.
- 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.
监管
授权按实体 × 法域 × 工具界定——不是品牌标签。
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.
- 实体
- Ondo I LP
- 法域
- US
- 工具
- 3(c)(7) private fund limited partnership interest
- 授权 / 注册
- Regulation D, Rule 506(c) continuous offering; Ondo Capital Management LLC is SEC-registered as an investment adviser.
审计 / 鉴证
智能合约审计不等于基金审计或贷款审计。没有合并的「已审计」徽章。
- Fund Audit提供方未结构化日期未知 · 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.
智能合约 / 代币控制
运营控制——不是去中心化评分。
- 铸造
- 24/7 instant minting via the InstantManager contract (0x93358...) for onboarded, whitelisted Qualified Purchaser addresses.
- 销毁
- 24/7 instant redemption via the InstantManager contract for whitelisted addresses; non-instant redemption follows a separate, slower process.
- 暂停
- UNKNOWN
- 冻结 / 黑名单
- Whitelist-gated transfers — only onboarded QP addresses can hold/transact OUSG.
- 升级
- UNKNOWN
- 白名单
- Qualified Purchaser onboarding plus KYC is required before an address is whitelisted for InstantManager mint/redeem or transfer.
代币化层
- 链
- Ethereum · Polygon · Solana · XRPL
- 官方所有权记录
- 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).
- 转让限制
- 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.
研究维度
谁可以投资 OUSG？
仅限依第 3(c)(7) 条排除规定认定的合格买方——不对一般公众提供。
OUSG 实际上持有什么？
主要为 Ondo I LP 内持有的 BlackRock BUIDL 基金份额，并非直接持有国库券。
OUSG 是否为直接持有国债？
并非如此——它是一项有限合伙权益，主要风险敞口为 BUIDL 基金份额，属于间接（相隔一层）的国债风险敞口。
哪些环节必须持续运转？
仅列重大依赖。数量不是风险评分。
- 发行人Ondo I LPFund interest issuance
- Underlying FundBlackRock BUIDL fundPrimary yield-bearing holding
- 资产管理方Ondo FinanceFund management
- EligibilityQualified Purchaser gatingLegal investor eligibility
证据域
- Entity / issuer已核验已结构化
Ondo I LP + BUIDL named
- Legal claim已核验已结构化
LP interest, 3(c)(7)
- Yield source已核验已结构化
Treasury interest via BUIDL
- Yield waterfall已核验已结构化
- Loss waterfall已研究未确定
LP-level loss allocation unresolved
- Underlying assets已核验已结构化
Primarily BUIDL shares
- Distribution mechanism已核验已结构化
NAV accretion
- Redemption已核验已结构化
QP eligibility documented
- Fees已研究未确定
- Custody已研究未确定
Custodian not named
- Regulation已核验已结构化
3(c)(7) private fund
- Assurance / audit未研究
No assurance report identified this pass
- Token control已研究未确定
- Tokenization / chain已研究未确定
Chain(s) not itemized
- Dependencies已核验已结构化
- Geographic / eligibility restrictions已核验已结构化
Qualified Purchaser only
未决缺口
- Ondo I LP 非 BUIDL 资产（银行存款、TFDXX、USDC）的具名托管机构未逐项列出
- 目前各基金确切的配置百分比（BUIDL 与其他资金调度／基金合作方、银行存款、USDC 之间）属于随时间变动的特定日期快照——本文不将其记录为固定配置
- 尚未找到针对 OUSG／Ondo I LP 的专属基金审计报告
一级来源
RWA／收益资产情报。无评分。无 APY 排名。未解决状态保持未解决。