Ondo OUSG
Tokenized short-Treasury exposure issued by Ondo, structured as a 3(c)(7) private fund. Functions as on-chain cash collateral for permissioned holders alongside BUIDL and FOBXX. Distribution leans more DeFi-adjacent than the BlackRock or Franklin offerings, reflecting Ondo's positioning between TradFi structure and onchain venues.
Operating details
How it actually settlesHoldings primarily route through BlackRock's BUIDL, with smaller allocations to Franklin OnChain US Government MMF, WisdomTree, Fidelity, and Wellington/FundBridge vehicles. Subscriptions and redemptions run through an on-chain manager contract that converts USDC at USD 1.00 to OUSG at the current NAV (and back) on a 24/7/365 basis, subject to a USD 50M global and USD 25M per-investor daily redemption ceiling. OUSG lives on Ethereum, Polygon, Solana, and the XRP Ledger, with cross-chain transfer via Ondo Bridge over LayerZero.
BlackRock (BUIDL) · Franklin Templeton (FOBXX/BENJI) · WisdomTree · Fidelity · Wellington / FundBridge · NAV Consulting (fund administrator) · Clear Street (custodian) · Coinbase Custody · Ripple (RLUSD on XRPL) · Oasis Pro (transfer agent, post-acquisition)
Token supply sat near USD 693M at the June 2025 XRPL launch and rwa.xyz showed roughly USD 723M across 54 holders later in 2025, with combined OUSG plus USDY market cap approaching USD 1.4B by early 2026. Ondo platform-wide TVL crossed USD 2.75B entering 2026.
Structured as a Section 3(c)(7) private fund under the Investment Company Act, restricted to Qualified Purchasers, distributed under Reg D and Reg S. Ondo's October 2025 acquisition of Oasis Pro brought broker-dealer, ATS, and transfer-agent registrations in-house.
QP gating excludes the retail and accredited-only segments, which Ondo serves separately via USDY. Secondary trading is whitelist-restricted; the daily USD 50M global redemption cap can bind in stressed scenarios, and instant tickets carry a USD 5,000 minimum.
Recent news3 curated · awaiting ingestion
- CURATED2025-10-07BlockworksOndo Finance finalizes Oasis Pro acquisition to expand US tokenized securities platform
Closing the Oasis Pro deal gives Ondo SEC-registered broker-dealer, ATS, and transfer-agent licences, the regulatory plumbing needed to run primary issuance and secondary trading of tokenized securities like OUSG inside the US perimeter.
- CURATED2025-07-03CoinDeskOndo Finance, Pantera Capital to Invest $250M in Real-World Asset Projects
Ondo Catalyst commits USD 250M to RWA infrastructure and protocol equity, signalling Ondo's intent to build out the surrounding stack (custody, compliance, secondary venues) that OUSG and USDY rely on.
- CURATED2025-06-11CoinDeskOndo Finance Debuts $693M Treasury Token on XRP Ledger Amid Soaring RWA Trend
OUSG goes live on XRPL with 24/7 mint and redeem via Ripple's RLUSD, extending the BUIDL-backed product beyond Ethereum, Polygon, and Solana into a chain pitched explicitly at institutional cash management.
Sunday evening Singapore time. Importance-3 items, one deep dive, what's worth watching next.