Ondo US Dollar Yield

Ondo Finance built USDY as a tokenized note rather than a plain stablecoin, giving non-US investors a dollar instrument that earns the yield of its backing. Each token is a secured obligation of Ondo USDY LLC, a bankruptcy-remote Delaware entity, collateralized by short-term US Treasuries and bank demand deposits with a security interest perfected for holders. Unlike most stablecoins, the value accrues: the standard USDY price climbs above a dollar as interest compounds, at a rate that has run around five percent, while a separate rebasing version holds a flat dollar. Redemption at par is a genuine holder right, but only after full KYC and only for non-US persons under the SEC's Reg S rules, with sanctioned and restricted jurisdictions excluded. USDY has spread across more than a dozen chains, from Ethereum and Solana to Sui, Aptos and Stellar, making it one of the more widely deployed yield-bearing dollars.