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
$219m
Net APY
3.18%
Active Users
60
Type
Vault
Network
Ethereum
CCC+
High RiskCeiling BBB
AAAAAABBBBBBCCCCCCD
CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. 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.
SCSSmart Contract Security78
KMPKey Management Permissions37
MMarket87
LLiquidity81
CCollateral100
PMProtocol Mechanics90
ICEInfra Counterparty Exposures67
PCEProtocol Counterparty Exposures100
GGovernance33
FRFinancial Resilience33
TLCTeam Legal Compliance71
DTDocumentation Transparency78
Performance
Assets Under Management · 30D▼ 16.14%
$219m
Over the last 30 days, the total value of Ondo OUSG has dropped 16.14% with $42.23M in outflows.
Net APY · 30D▼ 7.29%
3.18%
Over the last 30 days, the APY has decreased from 3.43% to 3.18%.
Active Users · 30D▲ 0.00%
60
Over the last 30 days, active users have increased by 0.00%, reaching 60 wallets.
Market Details
ChainEthereum
TreasuryNot reported
Code AuditsSpearbit ↗Halborn ↗Code4rena ↗Cyfrin ↗Code4rena (Sep 2023) ↗Zokyo ↗Nethermind ↗Code4rena (Jan 2023) ↗
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0x1B19...Bbee92
ProxyAdmin0xba80...1cf6d5
OUSGManager0xF16c...D3d5e8
OUSGHoldings10x72Be...D4B63D
GovernanceMultisig0xaed4...7e8367
OUSGImplementation0x1ceb...6cf3ff
OUSGInstantManager0x2826...eb6a43
OUSGInstantManager20x9335...c2643a
Key Strengths
S1Extensive independent audit coverage from top-tier firms including Spearbit/Cantina, Code4rena, Cyfrin, Halborn, and Nethermind with no unresolved critical findings
S2Underlying assets primarily held in BlackRock BUIDL and other institutional-grade tokenized money market funds, eliminating DeFi protocol deployment risk
S3Instant 24/7 on-chain redemption via OUSGInstantManager backed by BlackRock BUIDL instant settlement, with documented rate limits
S4Multi-signature governance requiring 4-of-7 approval for proxy upgrades and management operations, verified on-chain with shared platform security across Ondo products
Key Risks
R1No on-chain timelock for proxy upgrades, allowing the multisig to upgrade the OUSG implementation instantly without advance notice or user exit window
R2BURNER_ROLE can burn tokens from any address and allowlist/blocklist enables selective transaction censorship, required for securities compliance but representing significant admin control
R3100% off-chain custody via fund shares held through Clear Street LLC as prime broker, with no direct on-chain claim to underlying Treasury securities
R4Zero secondary market liquidity with no meaningful DEX pairs, making all exits dependent on Ondo's instant or non-instant redemption paths
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