RWA 比較
OUSG 與 USTB：連結 BUIDL 的有限合夥權益與 Invesco 短期基金份額之比較
僅按證據域比較。無總冠軍。 · 可發布
OUSG · Ondo Short-Term US Government Bond Fund
- 代幣化私募基金
- 基金份額
- 國債利息
- Ethereum +3
USTB · Superstate Short Duration US Government Securities Fund
- 代幣化私募基金
- 基金份額
- 國債利息
- 未知
主要結構差異
- 底層管理人／基金不同：OUSG 主要持有 BlackRock 的 BUIDL 基金（另加流動性部位）；USTB 則持有由 Invesco 管理的短期美國政府證券基金份額。
- 代幣化／過戶代理的細節不同：OUSG 針對合格買方（QP）的轉讓採用 Ondo InstantManager／白名單機制；USTB 則以 Superstate 的 FundOS 作為過戶代理人。
- 揭露的最低金額不同：USTB 揭露 100,000 美元的最低金額（除非豁免）；OUSG 則揭露即時鑄造／贖回最低 5,000 美元，以及非即時申購／贖回最低 100,000 美元／50,000 美元。
揭露
- 雙方皆要求合格買方／白名單形式的資格條件，並非提供一般公眾使用。
- OUSG 管理費的豁免至 2027-01-01 為止，具有時間限制——請勿將此豁免視為永久零成本。
域比較
法律請求權
OUSG · Ondo Short-Term US Government Bond Fund基金份額 — 對 Ondo I LP 的有限合夥權益，該私募基金依《投資公司法》第 3(c)(7) 條規定，僅限合格買方（Qualified Purchasers）投資。
USTB · Superstate Short Duration US Government Securities Fund基金份額 — Invesco Short Duration US Government Securities Fund 的基金份額，透過 Superstate 的 FundOS 過戶代理平台完成代幣化及過戶紀錄。
收益來源
OUSG · Ondo Short-Term US Government Bond Fund國債利息 (浮動)
USTB · Superstate Short Duration US Government Securities Fund國債利息 (浮動)
底層
OUSG · Ondo Short-Term US Government Bond Fund依 Ondo 官方 OUSG FAQ 所述，投資組合目前絕大部分持有於 BlackRock 的 USD Institutional Digital Liquidity Fund（BUIDL），其餘則為 BlackRock 的 FedFund（TFDXX）、銀行存款，以及為流動性目的所持有的 USDC；該基金未來可能新增其他美國國債基金或直接持有國債。Ondo 即時的投資組合總覽表亦列出除 BUIDL 之外的其他機構基金合作方——目前各基金的配置百分比屬於隨時間變動的特定日期數字，本文不將其記錄為固定快照。
USTB · Superstate Short Duration US Government Securities Fund短期美國國庫券。
損失承擔方
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.
贖回
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.
投資者資格
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.
託管
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.
費用
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 / 存續期
OUSG · Ondo Short-Term US Government Bond Fund浮動收益 · 贖回時點：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浮動收益 · 贖回時點：UNKNOWN
審計 / 鑑證
OUSG · Ondo Short-Term US Government Bond FundFund Audit (—; 已研究未確定)
USTB · Superstate Short Duration US Government Securities Fund無結構化鑑證列
代幣控制
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.
監管結構
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.
證據時效
OUSG · Ondo Short-Term US Government Bond Fund2026-08-30
USTB · Superstate Short Duration US Government Securities Fund2026-08-30
僅本地比較。禁用詞：safer、better、best、recommended、best yield、winner。Day-7：不部署。