Ondo US Dollar Yield
USDYMarket Cap
$2.36B
24h Volume
$2.83M
7d Change
+0.17%
30d Change
+0.30%
USDY Price — Last 12 Months
All-Time High
$1.26
All-Time Low
$0.9342
About Ondo US Dollar Yield
Ondo US Dollar Yield (USDY) is a yield-bearing, dollar-denominated token issued by Ondo Finance, a company focused on bringing traditional financial products on-chain. Launched in 2023, USDY is backed by short-term US Treasuries and bank demand deposits, and it passes the yield from those assets through to token holders — a key difference from conventional stablecoins, which typically keep the reserve interest for the issuer.
How it works
USDY is structured as a tokenized note secured by its underlying reserves rather than as a simple payment stablecoin. Instead of holding a fixed $1 value, the token's redemption value accrues over time as the underlying Treasuries and deposits generate interest, so its price is designed to rise gradually rather than stay flat. Supply is not capped: tokens are minted when investors subscribe and redeemed when they exit, so the amount outstanding tracks demand for the product.
Because it offers yield, USDY is treated as a regulated financial product with restrictions. It is not offered to US persons, and purchasers go through onboarding and compliance checks with Ondo. After an initial holding period, tokens become transferable on-chain within those restrictions.
Role in the ecosystem
USDY belongs to the tokenized US Treasury segment of the real-world asset (RWA) trend, alongside products like BlackRock's BUIDL fund. It has been deployed across many networks, including Ethereum, Solana, Sui, Aptos, Arbitrum, and Mantle, where it serves as a yield-bearing dollar building block for DeFi protocols and treasuries. For non-US holders it offers a way to earn Treasury-linked yield while keeping assets on-chain, and its growth reflects broader institutional interest in tokenizing traditional fixed-income instruments.
USDY Price History (Monthly Close)
| Month | Close |
|---|---|
| 2026-10 | $1.15 |
| 2026-09 | $1.15 |
| 2026-08 | $1.14 |
| 2026-07 | $1.14 |
| 2026-06 | $1.14 |
| 2026-05 | $1.13 |
| 2026-04 | $1.13 |
| 2026-03 | $1.13 |
| 2026-02 | $1.10 |
| 2026-01 | $1.10 |
| 2025-12 | $1.11 |
| 2025-11 | $1.10 |
Frequently Asked Questions
What is Ondo US Dollar Yield?
USDY is a yield-bearing dollar token issued by Ondo Finance, backed by short-term US Treasuries and bank demand deposits. Unlike typical stablecoins, it passes the interest earned on its reserves through to holders, with its redemption value accruing over time.
How does Ondo US Dollar Yield work?
USDY is a tokenized note secured by its Treasury and deposit reserves. Tokens are minted when investors subscribe and redeemed when they exit, and the token's value is designed to rise gradually as the underlying assets generate interest rather than staying pegged at exactly $1.
What is USDY's maximum supply?
USDY has no fixed maximum supply. Tokens are created and redeemed based on investor demand, so the outstanding supply tracks subscriptions to the product.
Who can hold USDY?
USDY is not offered to US persons and requires purchasers to complete Ondo's onboarding and compliance checks. After an initial holding period, tokens can be transferred on-chain within those restrictions.
Where can I buy Ondo US Dollar Yield?
USDY is obtained primarily through Ondo Finance for eligible non-US investors, and it circulates on several blockchains and DeFi venues. You can compare supported platforms on our [exchanges page](/exchanges).
Links
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