Ondo Finance offers tokenized treasury products: OUSG (Short-Term US Government Treasuries, backed by BlackRock BUIDL) and USDY (a yield-bearing tokenized note backed by US Treasuries and bank deposits). Ankura Trust serves as trustee. Products are deployed across Ethereum, Solana, Mantle, Sui, and Aptos with strong DeFi integration.
OUSG backed by BlackRock BUIDL. USDY is a yield-bearing stablecoin alternative. Multi-chain deployment (Ethereum, Solana, Mantle, Sui, Aptos). Strong DeFi composability. Combined $1B+ TVL.
Single platform risk. Newer entity (founded 2022). USDY structural complexity as a tokenized note. Ankura Trust as trustee adds intermediary layer.