VENUEVERITAS

RWA 比較

USDY 與 OUSG：直接擔保債務與基金中基金有限合夥權益之比較

僅按證據域比較。無總冠軍。 · 可發布

USDY · Ondo US Dollar Yield

  • 代幣化債務證券
  • 債權主張
  • 國債利息
  • 未知

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

RWA 目錄 · RWA 比較

主要結構差異

  • 法律請求權類型不同：USDY 是 Ondo USDY LLC 的優先擔保債務；OUSG 則是對 Ondo I LP（一般合夥人 Ondo I GP LLC；投資管理人 Ondo Capital Management LLC）的有限合夥權益，屬於私募 3(c)(7) 基金。
  • 底層風險敞口不同：USDY 直接持有國債及銀行存款作為擔保品；OUSG 目前絕大部分持有 BUIDL 基金份額，另加 FedFund／銀行存款／USDC 流動性——屬於間接的國債風險敞口。
  • 投資資格不同：USDY 依 Regulation S 僅限非美國人士；OUSG 則僅限合格買方，並揭露即時（5,000 美元）與非即時（100,000 美元／50,000 美元）的申購／贖回最低金額。

揭露

  • OUSG 的國債風險敞口是透過 BUIDL 間接取得——請勿將 OUSG 描述為直接持有國庫券。
  • 依產品揭露，OUSG 的 0.15% 管理費於 2027-01-01 前予以豁免；基金費用上限為 0.15%。

域比較

  • 法律請求權

    USDY · Ondo US Dollar Yield

    債權主張 — 對 Ondo USDY LLC 的優先擔保債權請求權，由短期美國國債及銀行存款作為擔保，並由 Ankura Trust Company 擔任擔保代理人。

    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。

  • 收益來源

    USDY · Ondo US Dollar Yield

    國債利息 + 銀行存款利息 (浮動)

    OUSG · Ondo Short-Term US Government Bond Fund

    國債利息 (浮動)

  • 底層

    USDY · Ondo US Dollar Yield

    作為 USDY 優先擔保票據擔保品的短期美國國債及銀行存款。

    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。

  • 損失承擔方

    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.

  • 贖回

    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.

  • 投資者資格

    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.

  • 託管

    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.

  • 費用

    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 / 存續期

    USDY · Ondo US Dollar Yield

    浮動收益 · 贖回時點：UNKNOWN

    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.

  • 審計 / 鑑證

    USDY · Ondo US Dollar Yield

    無結構化鑑證列

    OUSG · Ondo Short-Term US Government Bond Fund

    Fund Audit (—; 已研究未確定)

  • 代幣控制

    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.

  • 監管結構

    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.

  • 證據時效

    USDY · Ondo US Dollar Yield

    2026-08-30

    OUSG · Ondo Short-Term US Government Bond Fund

    2026-08-30

僅本地比較。禁用詞：safer、better、best、recommended、best yield、winner。Day-7：不部署。