Ondo US Dollar Yield (USDY)
Best for collateralised issuance at scale
How it rates
- $2,142m circulating, recorded independently
- Collateralised model (fiat-backed)
- Issued across 15 chains
- Recorded price 1.1408 sits 14.1% from the peg at this check
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- MetPeg mechanism disclosed in the public dataset
Mechanism recorded as fiat-backed.
stablecoins.llama.fi/stablecoins - MetBacking model is collateralised rather than algorithmic
Recorded as fiat-backed.
stablecoins.llama.fi/stablecoins - MetCirculating supply published independently
$2,142m circulating at this check.
stablecoins.llama.fi/stablecoins - MetIssuer identifiable from the public record
Issued as Ondo US Dollar Yield.
stablecoins.llama.fi/stablecoins - Not metPrice tracked and at peg in the public dataset
Recorded price 1.1408.
stablecoins.llama.fi/stablecoins
- Met
- Met
- Met
- Met
- Met
- Not met
- Not met
- Met
- Not met
- Not metTraded within 0.5% of peg at this check
Recorded price 1.1408; deviation 14.08%.
stablecoins.llama.fi/stablecoins
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
- Met
A tokenised yield-bearing treasury instrument holding $2.14bn across 15 chains, whose token price rises with accrued yield.
Our assessment
USDY has $2.14bn circulating across 15 chains and traded at 1.1408 at this check — 14% above a dollar. Like USYC, it accrues yield into the token price rather than tracking parity, so the deviation is the design working as intended.
Fifteen chains for an institutional instrument
USDY is deployed far more widely than most tokenised treasury products, which are typically confined to one or two networks. That reflects an intention for it to be usable as collateral and as a reserve asset across DeFi, not merely held in a custody account — a more ambitious position than a permissioned fund share.
Yield-bearing collateral changes lending
When collateral earns yield by itself, the economics of borrowing against it shift: the carry cost of a loan is partly offset by the collateral's return. That is why tokenised treasuries are being integrated into lending markets, and it is one of the more consequential structural changes in DeFi over the last two years.
What backs it, and what that means
Short-term US Treasuries and bank deposits held through a legal structure, with the yield passed to holders. The risks are off-chain: the custodian, the legal wrapper, and the enforceability of a holder's claim. On-chain verification tells you the token supply, not that the Treasuries exist — attestation does that.
Who it suits
USDY fits users wanting on-chain treasury yield usable across multiple chains, who have read the legal structure. Users needing a stable settlement asset should hold USDC, USDT or PYUSD.
How rivals compare
Frequently asked
Does this score assess the quality of reserves?
No. Reserve attestations vary too much between issuers to compare from one public source. The score covers backing model, scale and distribution; read the issuer's own reserve reporting separately.
Where does the data come from?
A public stablecoin dataset queried at the verification date. Anyone can re-run the same query.
Why are algorithmic stablecoins scored lower?
The rubric credits collateralised backing explicitly. Algorithmic designs have the weakest track record and the indicator reflects that.