Ethereum
Solana
Aptos
ArbitrumUSDY is a tokenized secured note backed by short-term US Treasuries and bank demand deposits, issued by Ondo USDY LLC with first-priority security interest for tokenholders. The token accrues value daily; a rebasing variant (rUSDY) is available. Distribution is limited to non-US persons under Reg S.
A yield-bearing dollar alternative for non-US investors, secured by treasuries.
Prism analyst note
USDY is the most retail-accessible of the major treasury tokens (for non-US investors), trading freely on DEXs after its lockup with deep liquidity across Ethereum, Solana and Aptos. The bankruptcy-remote secured-note structure with an independent collateral agent is stronger than most competitors' arrangements. Watch the small basis between market price and accrued NAV, and note that yield resets with front-end rates.
Generated from issuer disclosures and reviewed against the sources listed below. Not investment advice.
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Prism read this token's contract directly on its chain and confirmed the figures the issuer publishes.
- What was checked
- Prism read this token's contract on Ethereum and confirmed the symbol, decimals, and supply the issuer publishes.
- Source
- Ondo Finance
- Last verified
- Jan 10, 2026
- Token contract
- 0x96F6…985C
- Custody
- Morgan Stanley & StoneX (treasury custody), regulated banks (deposits)
Structure & compliance
Documents & disclosures
Frequently asked
Is USDY a stablecoin?+
No. It is a yield-accruing note whose token price rises over time; rUSDY offers a $1.00-pegged rebasing form.
Can US persons buy USDY?+
No. USDY is offered exclusively to non-US persons under Regulation S.