Ondo USDY is a tokenized note on Ethereum representing claims on short-term US Treasuries and bank deposits, issued by a bankruptcy-remote Delaware SPV. Yield accrues from US Treasury interest, with daily verification by Ankura Trust and 103%+ overcollateralization.
AUM
$1b
Net APY
3.55%
Active Users
992
Type
Vault
Network
Ethereum
CCC+
High RiskCeiling BBB
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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
MMarket73
LLiquidity81
CCollateral100
PMProtocol Mechanics90
ICEInfra Counterparty Exposures67
PCEProtocol Counterparty Exposures100
GGovernance33
FRFinancial Resilience33
TLCTeam Legal Compliance71
DTDocumentation Transparency78
Performance
Assets Under Management · 30D▲ 11.98%
$1b
Over the last 30 days, the total value of Ondo USDY has grown 11.98% with $119.08M in inflows.
Net APY · 30D▼ 3.28%
3.55%
Over the last 30 days, the APY has decreased from 3.67% to 3.55%.
Active Users · 30D▲ 14.29%
992
Over the last 30 days, active users have increased by 14.29%, reaching 992 wallets.
Market Details
ChainEthereum
TreasuryNot reported
Code AuditsSpearbit ↗Halborn ↗Code4rena ↗Cyfrin ↗Code4rena (Sep 2023) ↗Zokyo ↗Nethermind ↗Code4rena (Jan 2023) ↗
Stated Withdrawal Time5 business days
Component Ratings
Contract Addresses
Smart Contract0x96F6...CB985C
Oracle0xa021...121de0
Blocklist0xd8c8...21B0a8
ProxyAdmin0x3ed6...f94c19
USDYManager0x25A1...86b97e
USDYImplementation0xea0f...617528
Registry (Allowlist)0x7cE9...02dc70
GovernanceMultisig (Management)0xaed4...7e8367
Key Strengths
S1Extensive audit coverage from multiple top-tier firms including Spearbit/Cantina and Code4rena, with no unresolved critical findings across 8+ independent audits
S2Bankruptcy-remote Delaware SPV with Ankura Trust as collateral agent holding first-priority security interest, providing structural investor protection
S3103%+ overcollateralization verified daily by Ankura Trust, backed by US Treasury bills and bank demand deposits
S44-of-7 Gnosis Safe multisig for both proxy upgrades and management operations, verified on-chain
Key Risks
R1No on-chain timelock for proxy upgrades, allowing the multisig to upgrade the USDY implementation instantly without advance notice or user exit window
R2Admin can burn tokens from any address and selectively block transfers via allowlist/blocklist enforcement, required for securities compliance but representing significant control over user funds
R3100% off-chain custody with Ondo as sole transfer agent for minting, redemption, and oracle price updates; recovery in insolvency depends on Ankura Trust legal process
R4Multisig signer identities undisclosed with significant overlap between governance multisigs, making independence unverifiable
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