Ondo

Ondo OUSG

Ondo OUSG is a tokenized short-term US government bond fund on Ethereum, structured as a Delaware limited partnership for qualified purchasers. Yield comes from underlying holdings in BlackRock BUIDL and other institutional money market funds investing in US Treasuries and repos.

AUM

$485.07m+1.71%

APY

3.11%-1.27%

CCC+Rated Protocol

Updated Mar 13, 2026

Risk Rating

CCC+

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This rating is based solely on publicly available information. The range from CCC+ to BBB reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

VaultContract

0x1B19...ee92

ProxyAdmin

0xba80...f6d5

OUSGManager

0xF16c...d5e8

OUSGHoldings1

0x72Be...B63D

GovernanceMultisig

0xaed4...8367

OUSGImplementation

0x1ceb...f3ff

OUSGInstantManager

0x2826...6a43

OUSGInstantManager2

0x9335...643a

Key Strengths

Extensive independent audit coverage from top-tier firms including Spearbit/Cantina, Code4rena, Cyfrin, Halborn, and Nethermind with no unresolved critical findings
Underlying assets primarily held in BlackRock BUIDL and other institutional-grade tokenized money market funds, eliminating DeFi protocol deployment risk
Instant 24/7 on-chain redemption via OUSGInstantManager backed by BlackRock BUIDL instant settlement, with documented rate limits
Multi-signature governance requiring 4-of-7 approval for proxy upgrades and management operations, verified on-chain with shared platform security across Ondo products
Active Immunefi bug bounty with Primacy of Impact covering all Ondo smart contracts
SEC investigation closed without charges; Ondo Capital Management is an SEC-registered investment advisor

Key Risks

No on-chain timelock for proxy upgrades, allowing the multisig to upgrade the OUSG implementation instantly without advance notice or user exit window
BURNER_ROLE can burn tokens from any address and allowlist/blocklist enables selective transaction censorship, required for securities compliance but representing significant admin control
100% off-chain custody via fund shares held through Clear Street LLC as prime broker, with no direct on-chain claim to underlying Treasury securities
Zero secondary market liquidity with no meaningful DEX pairs, making all exits dependent on Ondo's instant or non-instant redemption paths
Multisig signer identities undisclosed, preventing independent verification of governance decentralization
No disclosed real-time monitoring system or incident response playbook for managed assets