The brief

Analyst view

• OUSG + USDY combined $1.5B+ AUM, 35% tokenized Treasury market share. OUSG holds BlackRock BUIDL as primary underlying.
• Q1 2026: $13.26M revenue, $3.53B AUM. Integrations with Fidelity, PayPal, Mastercard, JPMorgan.
• Ondo Chain permissioned validator network (Franklin Templeton, WisdomTree, Wellington, ABN AMRO, Google Cloud) for RWA settlement.

Technical approach

As reported

OUSG (qualified investors)

Rule 3(c)(7) Treasury tokens

Private security, $5M+ minimum. Rebases daily with yield accruing into token price. Holds BUIDL + cash sleeve for liquidity.

USDY (retail Treasury token)

Yield-bearing, non-US global access

Available to non-US retail post-KYC. ~4% yield. Slowly appreciates, not 1:1 stable. Deployed on Ethereum, Solana, Aptos, Sui.

Multi-chain deployment

Same products, major L1s and L2s

OUSG and USDY deployed across multiple blockchains to maximize accessibility and liquidity.

Ondo Chain

Permissioned RWA settlement network

Launched Feb 2025. Institutional validators only. Built for RWA settlement, not general-purpose computing.

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