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Ondo Finance has developed two tokenised products backed by US Treasuries, each using a distinct legal structure to serve different investor bases. OUSG is designed for institutional capital through a Delaware private fund structure, while USDY is structured as secured debt for non-US investors under Regulation S.
OUSG is described as a tokenised limited partnership interest in a private fund. The fund invests primarily in BlackRock’s USD Institutional Digital Liquidity Fund, which holds short-term US Treasuries backed by the US government.
Investors in OUSG become limited partners in a Delaware-structured vehicle managed by Ondo Capital Management LLC. The custody chain is presented as follows: investor USDC is converted to USD through Coinbase or Circle, and that USD is then used to invest in BlackRock’s BUIDL fund. The content also notes that Fidelity, Franklin Templeton, and WisdomTree participate alongside BlackRock in that fund.
OUSG is structured under a Section 3(c)(7) private fund framework and relies on Rule 506(c) of Regulation D for its offering. The content states that every investor undergoes KYC, AML, and sanctions screening administered by the General Partner.
“OUSG is only available to Qualified Purchasers and verified Accredited Investors. This is not a product trying to appear institutional. It is a product that is legally and structurally institutional in every dimension.”
USDY operates through Ondo USDY LLC, a special purpose vehicle. The LLC borrows funds from lenders and issues USDY tokens as evidence of its debt obligation. The proceeds are then allocated to US Treasuries and US bank demand deposits, with a perfected security interest intended to protect those underlying assets.
According to the content, USDY holders are secured creditors rather than equity holders. They hold a legal claim on the underlying assets of the special purpose vehicle.
The product is offered under Regulation S, which the content says makes it available to non-US persons, including both retail and institutional investors outside the United States.
Ondo USDY LLC is registered as a money services business with FinCEN, the Financial Crimes Enforcement Network under the US Treasury Department. The content states that each USDY holder undergoes AML and Bank Secrecy Act compliance screening, adding an additional layer of regulatory credibility.
The content states that smart contracts for both products have been audited by leading firms, and that both entities undergo regular financial and information security audits.
While the two products target different investor profiles, the content emphasizes that they share the same underlying asset conviction: tokenised US Treasuries are presented as the core financial primitive behind both structures.
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