OUSG vs TBILL
Ondo Short-Term US Government Treasuries and OpenEden TBILL are both treasuries tokens, so this page compares them. OUSG is issued by Ondo I LP with no published chain list. TBILL is with no named issuer with no published chain list. The cited pages differ on issuer, custodian, fees, redemption, minimum size. A dash is a field the issuer page does not state. The reverse URL redirects to this alphabetical pair.
All RWA tokens · Ondo Short-Term US Government Treasuries · OpenEden TBILL
| Field | Ondo Short-Term US Government Treasuries | OpenEden TBILL |
|---|---|---|
| Ticker | OUSG | TBILL |
| Asset class | Treasuries | Treasuries |
| Issuer | Ondo I LP | — |
| Issuer jurisdiction | Delaware (general partner Ondo I GP LLC and investment manager Ondo Capital Management LLC) | — |
| Regulator | Private fund under Section 3(c)(7) of the Investment Company Act. Offered under Rule 506(c) of Regulation D. Ondo says purchasers must be verified accredited investors and qualified purchasers, and must pass customer due diligence run by the general partner. | The token issuer is a professional fund established under the British Virgin Islands Securities and Investment Business Act 2010 and regulated by the BVI Financial Services Commission. The introduction does not publish the fund's legal name. The investment manager, BNY Investments, is regulated by the Monetary Authority of Singapore. |
| Token type | Each OUSG token is a unitized limited partnership interest. The portfolio is invested in short-term U.S. Treasury and government-sponsored-enterprise funds from managers such as BlackRock, Franklin Templeton, WisdomTree, and Fidelity, plus bank deposits and USDC. Ondo says the majority of assets are in BlackRock's BUIDL fund. | TBILL is backed 1:1 by short-dated U.S. Treasury bills and a small portion of U.S. dollars. The introduction says the portfolio's weighted-average maturity is under three months. BNY Mellon Investment Management Singapore Pte. Limited is the investment manager. The fund is rated AA+f/S1+ by S&P Global Ratings and was assigned an A-bf bond-fund rating by Moody's. River Labs Pte Ltd provides the vault technology and is described as unregulated. |
| Custodian | — | BNY, custodian of the underlying U.S. Treasury bills. |
| Auditor | Ondo publishes smart-contract audits for Ondo Funds and USDY, including reports from Spearbit, Halborn, Code4rena, Cyfrin, and others. The trust page says periodic fund audits are shared with authorized requesting parties and does not name the fund auditor. | TJ Assurance Partners PAC is named as fund auditor and Ernst & Young as independent auditor. Protege Fund Services is named as fund administrator. |
| Chains | — | — |
| Fees | Management fee 0.15%, waived until 1 Jan 2027. Instant mints and redemptions are capped per 24 hours at the amounts shown on Ondo's site. This card does not copy that live cap. | — |
| Redemption | Instant mint and redemption with USDC or PYUSD, 24/7, into the same wallet, within the daily instant limit. Amounts above the limit can be submitted as non-instant requests to support@ondo.finance. Non-instant minimums are $100,000 to invest and $50,000 to redeem. | Investors subscribe by depositing USDC and redeem TBILL for USDC from the vault. Holders self-custody the tokens. Whitelisted wallets may transfer to other whitelisted wallets under the private placement memorandum. The introduction says on-chain subscription settles instantly and does not state a redemption timetable. |
| Minimum unit | Instant subscription and redemption minimum $5,000. Non-instant investment minimum $100,000 and redemption minimum $50,000. | — |
| Launched | — | — |
| Website | https://ondo.finance/ousg | https://openeden.com/ |
| CoinGecko id | — | — |
| Market cap | — | — |
| Supply | — | — |
Eligibility and redemption read from the issuer on 31 Oct 2026
How to buy OUSG
An onboarded eligible investor mints on the Ondo website with USDC or PYUSD and receives OUSG at the same wallet. The overview says instant mints and redemptions are capped each 24 hours at amounts shown on Ondo's site. This page does not copy that live cap. An amount above the cap can be sent as a non-instant request to support@ondo.finance.
The trust page says the general partner administers customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. Purchasers must be verified accredited investors and qualified purchasers.
Who can and cannot hold OUSG
Ondo Short-Term US Government Treasuries is issued from Delaware (general partner Ondo I GP LLC and investment manager Ondo Capital Management LLC).
Regulator, as published: Private fund under Section 3(c)(7) of the Investment Company Act. Offered under Rule 506(c) of Regulation D. Ondo says purchasers must be verified accredited investors and qualified purchasers, and must pass customer due diligence run by the general partner.
The trust page says OUSG is a private fund under Section 3(c)(7), so it is only for qualified purchasers, and that it is offered under Rule 506(c), so a buyer must be a verified accredited investor. The buyer must also pass customer due diligence run by the general partner. Tokens may be transferred only to investors who have already onboarded to Ondo's qualified-access funds. The pages do not add a country list on top of those tests.
What redemption actually means in practice for OUSG
The overview sets the instant redemption minimum at $5,000 and the non-instant redemption minimum at $50,000.
Instant redemption pays USDC to the same wallet that holds the tokens. Instant mints accept USDC or PYUSD. The overview does not name a bank or a city for cash.
The overview states a management fee of 0.15%, waived until January 1, 2027.
The overview describes an instant mint or redemption as immediate, inside the daily limit displayed on Ondo's site. It does not print that limit and does not state how many days a non-instant request takes.
The issuer does not publish a storage fee for Ondo Short-Term US Government Treasuries.
Direct purchase minimum: Instant subscription minimum $5,000. Non-instant investment minimum $100,000.
Reserve report: The trust page says the results of periodic fund audits are on the product page for authorized requesting parties, and that those audits are shared with authorized requesting parties. It does not name the fund auditor or an assurance standard. Smart-contract audits linked from that page are code reviews.
How to buy TBILL
The cited catalog does not include an official how-to-buy path for OpenEden TBILL.
Who can and cannot hold TBILL
The issuer does not publish a jurisdiction for OpenEden TBILL.
Regulator, as published: The token issuer is a professional fund established under the British Virgin Islands Securities and Investment Business Act 2010 and regulated by the BVI Financial Services Commission. The introduction does not publish the fund's legal name. The investment manager, BNY Investments, is regulated by the Monetary Authority of Singapore.
The cited catalog does not include a restricted-holder statement for OpenEden TBILL.
What redemption actually means in practice for TBILL
Redemption, as published: Investors subscribe by depositing USDC and redeem TBILL for USDC from the vault. Holders self-custody the tokens. Whitelisted wallets may transfer to other whitelisted wallets under the private placement memorandum. The introduction says on-chain subscription settles instantly and does not state a redemption timetable.
The issuer does not publish a minimum size for OpenEden TBILL.
The issuer does not publish an issuer fee for OpenEden TBILL.
Ondo Short-Term US Government Treasuries sources
OpenEden TBILL sources
Questions
Yes. Both are treasuries. RWA Leads does not publish a comparison across asset classes.
Ondo Short-Term US Government Treasuries: Ondo I LP. OpenEden TBILL: the cited pages do not name an issuer.
OUSG fees: Management fee 0.15%, waived until 1 Jan 2027. Instant mints and redemptions are capped per 24 hours at the amounts shown on Ondo's site. This card does not copy that live cap.. TBILL fees: not stated. OUSG redemption: Instant mint and redemption with USDC or PYUSD, 24/7, into the same wallet, within the daily instant limit. Amounts above the limit can be submitted as non-instant requests to support@ondo.finance. Non-instant minimums are $100,000 to invest and $50,000 to redeem.. TBILL redemption: Investors subscribe by depositing USDC and redeem TBILL for USDC from the vault. Holders self-custody the tokens. Whitelisted wallets may transfer to other whitelisted wallets under the private placement memorandum. The introduction says on-chain subscription settles instantly and does not state a redemption timetable..
The slugs in alphabetical order: /compare/ousg-vs-tbill. The other order is a permanent redirect.
Ondo Short-Term US Government Treasuries: An onboarded eligible investor mints on the Ondo website with USDC or PYUSD and receives OUSG at the same wallet. The overview says instant mints and redemptions are capped each 24 hours at amounts shown on Ondo's site. This page does not copy that live cap. An amount above the cap can be sent as a non-instant request to support@ondo.finance. The trust page says the general partner administers customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. Purchasers must be verified accredited investors and qualified purchasers. OpenEden TBILL: The cited catalog does not include an official how-to-buy path for OpenEden TBILL.
Ondo Short-Term US Government Treasuries is issued from Delaware (general partner Ondo I GP LLC and investment manager Ondo Capital Management LLC). Regulator, as published: Private fund under Section 3(c)(7) of the Investment Company Act. Offered under Rule 506(c) of Regulation D. Ondo says purchasers must be verified accredited investors and qualified purchasers, and must pass customer due diligence run by the general partner. The trust page says OUSG is a private fund under Section 3(c)(7), so it is only for qualified purchasers, and that it is offered under Rule 506(c), so a buyer must be a verified accredited investor. The buyer must also pass customer due diligence run by the general partner. Tokens may be transferred only to investors who have already onboarded to Ondo's qualified-access funds. The pages do not add a country list on top of those tests. The issuer does not publish a jurisdiction for OpenEden TBILL. Regulator, as published: The token issuer is a professional fund established under the British Virgin Islands Securities and Investment Business Act 2010 and regulated by the BVI Financial Services Commission. The introduction does not publish the fund's legal name. The investment manager, BNY Investments, is regulated by the Monetary Authority of Singapore. The cited catalog does not include a restricted-holder statement for OpenEden TBILL.
Ondo Short-Term US Government Treasuries: The overview sets the instant redemption minimum at $5,000 and the non-instant redemption minimum at $50,000. Instant redemption pays USDC to the same wallet that holds the tokens. Instant mints accept USDC or PYUSD. The overview does not name a bank or a city for cash. The overview states a management fee of 0.15%, waived until January 1, 2027. The overview describes an instant mint or redemption as immediate, inside the daily limit displayed on Ondo's site. It does not print that limit and does not state how many days a non-instant request takes. The issuer does not publish a storage fee for Ondo Short-Term US Government Treasuries. Direct purchase minimum: Instant subscription minimum $5,000. Non-instant investment minimum $100,000. Reserve report: The trust page says the results of periodic fund audits are on the product page for authorized requesting parties, and that those audits are shared with authorized requesting parties. It does not name the fund auditor or an assurance standard. Smart-contract audits linked from that page are code reviews. OpenEden TBILL: Redemption, as published: Investors subscribe by depositing USDC and redeem TBILL for USDC from the vault. Holders self-custody the tokens. Whitelisted wallets may transfer to other whitelisted wallets under the private placement memorandum. The introduction says on-chain subscription settles instantly and does not state a redemption timetable. The issuer does not publish a minimum size for OpenEden TBILL. The issuer does not publish an issuer fee for OpenEden TBILL.