收益從何而來？
追溯經濟上的支付方。公示 APY 不是保證回報。
- 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
- 一級來源
- 國債利息
- 二級來源
- 未知
- 經濟上的支付方
- US Treasury interest, received primarily via OUSG's holding of BUIDL fund shares.
- 浮動 / 固定
- 浮動
- 毛收益 / 淨收益
- 未確定
- 帶日期的收益快照
- 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
- 機制
- 淨值累積
- 備註
- Value accrues into LP interest NAV; no direct coupon.
代幣代表什麼？
持有代幣並不自動等於直接擁有底層資產。
- 法律請求權類型
- 基金份額
- 註冊地
- US
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。
衍生 / 包裝請求權: 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.
官方網站 https://docs.ondo.finance
發行人、管理人與服務方
- 發行人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.
- 投資管理人Ondo Capital Management LLC
US — SEC-registered investment adviser to Ondo I LP; Ondo Finance Inc. is the sole member.
- 資產管理方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.
底層是什麼？
僅基於一級證據的底層資產與策略。
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。
- 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.
出問題時會發生什麼？
結構性損失路徑——不是風險評分。未知保護保持 Unknown。
- 誰首先承擔損失
- UNKNOWN — fund-level loss allocation among LP interests not itemized this pass.
- 已記錄的保護安排
- Exposure is layered through BUIDL as an intermediary fund rather than direct Treasury holding; BUIDL-level protections apply at that layer (see BUIDL record).
- 投資者敞口
- 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.
如何拿回資金？
一級贖回 ≠ 二級 DEX 流動性。資格是有範圍的。
- 合格投資者
- Accredited investor Qualified Purchasers (per Section 3(c)(7)); onboarding to Ondo's Qualified-Access Funds required.
- 一級贖回
- 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.
- 時點
- 24/7/365 for instant USDC mint/redeem; non-instant USD transactions settle on a slower (daily) basis per the product page.
- 結算資產
- USDC for instant transactions; USD wire for non-instant transactions.
- 最低額
- 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.
- 二級流動性
- Secondary market trading (where available) is not issuer redemption.
誰持有底層資產？
分別梳理資產託管、現金託管、加密資產託管與代幣控制。
- 資產託管
- 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.
- 現金託管
- Bank deposits held per Ondo I LP's fund structure; named bank not itemized this pass.
- 加密資產託管
- 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.
費用
毛收益與淨收益不是一回事。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.
監管
授權按實體 × 法域 × 工具界定——不是品牌標籤。
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.
- 實體
- Ondo I LP
- 法域
- US
- 工具
- 3(c)(7) private fund limited partnership interest
- 授權 / 註冊
- Regulation D, Rule 506(c) continuous offering; Ondo Capital Management LLC is SEC-registered as an investment adviser.
審計 / 鑑證
智慧合約審計不等於基金審計或貸款審計。沒有合併的「已審計」徽章。
- Fund Audit提供方未結構化日期未知 · 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.
智慧合約 / 代幣控制
營運控制——不是去中心化評分。
- 鑄造
- 24/7 instant minting via the InstantManager contract (0x93358...) for onboarded, whitelisted Qualified Purchaser addresses.
- 銷毀
- 24/7 instant redemption via the InstantManager contract for whitelisted addresses; non-instant redemption follows a separate, slower process.
- 暫停
- UNKNOWN
- 凍結 / 黑名單
- Whitelist-gated transfers — only onboarded QP addresses can hold/transact OUSG.
- 升級
- UNKNOWN
- 白名單
- Qualified Purchaser onboarding plus KYC is required before an address is whitelisted for InstantManager mint/redeem or transfer.
代幣化層
- 鏈
- Ethereum · Polygon · Solana · XRPL
- 官方所有權紀錄
- 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).
- 轉讓限制
- 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.
研究維度
誰可以投資 OUSG？
僅限依第 3(c)(7) 條排除規定認定的合格買方——不對一般公眾提供。
OUSG 實際上持有什麼？
主要為 Ondo I LP 內持有的 BlackRock BUIDL 基金份額，並非直接持有國庫券。
OUSG 是否為直接持有國債？
並非如此——它是一項有限合夥權益，主要風險敞口為 BUIDL 基金份額，屬於間接（相隔一層）的國債風險敞口。
哪些環節必須持續運轉？
僅列重大依賴。數量不是風險評分。
- 發行人Ondo I LPFund interest issuance
- Underlying FundBlackRock BUIDL fundPrimary yield-bearing holding
- 資產管理方Ondo FinanceFund management
- EligibilityQualified Purchaser gatingLegal investor eligibility
證據域
- Entity / issuer已核驗已結構化
Ondo I LP + BUIDL named
- Legal claim已核驗已結構化
LP interest, 3(c)(7)
- Yield source已核驗已結構化
Treasury interest via BUIDL
- Yield waterfall已核驗已結構化
- Loss waterfall已研究未確定
LP-level loss allocation unresolved
- Underlying assets已核驗已結構化
Primarily BUIDL shares
- Distribution mechanism已核驗已結構化
NAV accretion
- Redemption已核驗已結構化
QP eligibility documented
- Fees已研究未確定
- Custody已研究未確定
Custodian not named
- Regulation已核驗已結構化
3(c)(7) private fund
- Assurance / audit未研究
No assurance report identified this pass
- Token control已研究未確定
- Tokenization / chain已研究未確定
Chain(s) not itemized
- Dependencies已核驗已結構化
- Geographic / eligibility restrictions已核驗已結構化
Qualified Purchaser only
未決缺口
- Ondo I LP 非 BUIDL 資產（銀行存款、TFDXX、USDC）的具名託管機構未逐項列出
- 目前各基金確切的配置百分比（BUIDL 與其他資金調度／基金合作方、銀行存款、USDC 之間）屬於隨時間變動的特定日期快照——本文不將其記錄為固定配置
- 尚未找到針對 OUSG／Ondo I LP 的專屬基金審計報告
一級來源
RWA／收益資產情報。無評分。無 APY 排名。未解決狀態保持未解決。