@OndoFinance's yield-bearing token $USDY has reached its third year of operation, cementing its place among the most significant tokenized real-world asset products in the blockchain industry
@OndoFinance's yield-bearing token $USDY has reached its third year of operation, cementing its place among the most significant tokenized real-world asset products in the blockchain industry.
$USDY has grown to a $2.1 billion market cap, placing it among the top three tokenized Treasury assets globally. The token now serves nearly 30,000 holders across six major blockchains, including @Solana and @Ethereum. USDY is backed by short-duration U.S. Treasuries and bank demand deposits, with each token representing a senior unsecured claim on a portfolio held by Ondo USDY LLC, a Delaware bankruptcy-remote vehicle.
Cumulative transfer volume has exceeded $8.5 billion. The asset supports 24/7 instant minting and redemption, providing a high-liquidity channel for participants seeking sovereign-grade yield without leaving the crypto ecosystem.
The token accrues interest through a rising redemption value, with holders seeing USDY trading at a premium to $1.00 that grows over time, reflecting accumulated yield.A rebasing variant, rUSDY, also exists and pays interest as a balance increase rather than a price increase.
OUSG's portfolio spans funds from some of the world's most trusted asset managers, including BlackRock, Fidelity, Franklin Templeton, State Street, WisdomTree, and Wellington Management. That institutional backing has reinforced confidence in Ondo's broader product suite.
Following the SEC's formal closure of its investigation in November 2025 without recommending charges, Ondo accelerated its U.S. operations and integration of Oasis Pro Markets, an SEC-registered broker-dealer.That regulatory clarity removed a major uncertainty for institutional participants.
By 2026, Ondo had also launched Ondo Chain, a Layer 1 blockchain optimized for institutional-grade tokenized assets, expanding the company's strategic position beyond just issuing tokens. The three-year $USDY milestone reflects a broader shift in how yield-bearing instruments are being delivered on-chain, with Ondo increasingly positioned as a bridge between traditional finance and decentralized markets.
Sources:Ondo Finance: 2025 RecapEco: Ondo USDY Tokenized Treasuries ExplainedAltrady: Ondo Finance Tokenized Treasuries Guide
