OUSG vs USYC
Ondo Short-Term US Government Treasuries and USYC are both treasuries tokens, so this page compares them. OUSG is issued by Ondo I LP with no published chain list. USYC is issued by Circle International Bermuda Limited, token administrator for Hashnote International Short Duration Yield Fund Ltd. on Arc, BNB, Canton, Ethereum, NEAR, Solana. The cited pages differ on issuer, fees, redemption, minimum size, chains. 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 · USYC
| Field | Ondo Short-Term US Government Treasuries | USYC |
|---|---|---|
| Ticker | OUSG | USYC |
| Asset class | Treasuries | Treasuries |
| Issuer | Ondo I LP | Circle International Bermuda Limited, token administrator for Hashnote International Short Duration Yield Fund Ltd. |
| Issuer jurisdiction | Delaware (general partner Ondo I GP LLC and investment manager Ondo Capital Management LLC) | Cayman Islands (fund); Bermuda (token administrator) |
| 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. | Bermuda Monetary Authority licenses the token administrator. The fund is a Cayman Islands registered mutual fund. Circle's developer overview says that fund is licensed by the Cayman Islands Monetary Authority (CIMA). Shares and USYC are offered only to non-U.S. persons under the Securities Act of 1933. |
| 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. | Each token is a digital representation of a share of Hashnote International Short Duration Yield Fund Ltd. Circle's developer overview says the fund invests primarily in reverse repurchase agreements backed by U.S. government securities. Yield accrues through a rising token price. |
| Custodian | — | — |
| 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. | — |
| Chains | — | Arc, BNB, Canton, Ethereum, NEAR, Solana |
| 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. | Subscription fee 0.04% and redemption fee 0.03%, each waived on combined daily volume of $1 million or less. Performance fee 10% of yield. After-hours subscription pricing varies. Circle's page says all transactions are in USDC. |
| 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. | Eligible investors subscribe and redeem in USDC. Below the instant-redemption capacity, redemptions settle in one block. Above that capacity they settle T+0 or T+1. The developer overview describes atomic T+0 settlement in USDC. |
| Minimum unit | Instant subscription and redemption minimum $5,000. Non-instant investment minimum $100,000 and redemption minimum $50,000. | Investment minimum $100,000. |
| Launched | — | 2023-01-05 |
| Website | https://ondo.finance/ousg | https://www.circle.com/usyc |
| 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.
Eligibility and redemption read from the issuer on 31 Oct 2026
How to buy USYC
A non-U.S. person requests access on https://www.circle.com/usyc. The page separates that request from an already approved investor, who can then access USYC. Subscriptions and redemptions use USDC. The page does not name a secondary-market exchange.
The page is written for an investor who still needs approval and for one who is already approved. It does not print the document checklist. The developer overview says eligibility restrictions apply and points to Circle's investor onboarding help or customer-support@circle.com.
Who can and cannot hold USYC
USYC is issued from Cayman Islands (fund); Bermuda (token administrator).
Regulator, as published: Bermuda Monetary Authority licenses the token administrator. The fund is a Cayman Islands registered mutual fund. Circle's developer overview says that fund is licensed by the Cayman Islands Monetary Authority (CIMA). Shares and USYC are offered only to non-U.S. persons under the Securities Act of 1933.
The USYC page says shares of the fund and USYC are available only to non-U.S. persons under the Securities Act of 1933. For an individual, the page treats a U.S. citizen, a U.S. resident, or a person who meets the IRS substantial presence test as a U.S. person. For an institution it points to Regulation S, 17 CFR § 230.902(k). It says additional eligibility restrictions may apply and does not list them. Those details go to customer-support@circle.com.
What redemption actually means in practice for USYC
The issuer does not publish a redemption minimum for USYC.
Redemptions are paid in USDC. The page says all transactions are in USDC. It does not name a bank or a city.
The USYC page lists a subscription fee of 0.04% and a redemption fee of 0.03%, each at 0% on combined daily volume of $1 million or less, with the standard rate above that threshold. The performance fee is 10% of yield. After-hours subscription pricing varies and is described as based on a projected next price. The page says unlimited instant redemptions carry a fee and does not print the rate.
A redemption below the instant-redemption capacity settles in one block, and the block time depends on the chain. Above that capacity, settlement is T+0 or T+1. The page does not print the capacity. A footnote says unlimited instant redemptions are available for a fee and does not print that fee.
The issuer does not publish a storage fee for USYC.
Direct purchase minimum: The USYC page lists an investment minimum of $100,000.
Reserve report: Circle's developer overview says the token price and fund holdings are published through an on-chain oracle. Neither that overview nor the USYC page names an auditor or an assurance standard for a reserve report.
Ondo Short-Term US Government Treasuries 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. USYC: Circle International Bermuda Limited, token administrator for Hashnote International Short Duration Yield Fund Ltd..
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.. USYC fees: Subscription fee 0.04% and redemption fee 0.03%, each waived on combined daily volume of $1 million or less. Performance fee 10% of yield. After-hours subscription pricing varies. Circle's page says all transactions are in USDC.. 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.. USYC redemption: Eligible investors subscribe and redeem in USDC. Below the instant-redemption capacity, redemptions settle in one block. Above that capacity they settle T+0 or T+1. The developer overview describes atomic T+0 settlement in USDC..
The slugs in alphabetical order: /compare/ousg-vs-usyc. 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. USYC: A non-U.S. person requests access on https://www.circle.com/usyc. The page separates that request from an already approved investor, who can then access USYC. Subscriptions and redemptions use USDC. The page does not name a secondary-market exchange. The page is written for an investor who still needs approval and for one who is already approved. It does not print the document checklist. The developer overview says eligibility restrictions apply and points to Circle's investor onboarding help or customer-support@circle.com.
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. USYC is issued from Cayman Islands (fund); Bermuda (token administrator). Regulator, as published: Bermuda Monetary Authority licenses the token administrator. The fund is a Cayman Islands registered mutual fund. Circle's developer overview says that fund is licensed by the Cayman Islands Monetary Authority (CIMA). Shares and USYC are offered only to non-U.S. persons under the Securities Act of 1933. The USYC page says shares of the fund and USYC are available only to non-U.S. persons under the Securities Act of 1933. For an individual, the page treats a U.S. citizen, a U.S. resident, or a person who meets the IRS substantial presence test as a U.S. person. For an institution it points to Regulation S, 17 CFR § 230.902(k). It says additional eligibility restrictions may apply and does not list them. Those details go to customer-support@circle.com.
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. USYC: The issuer does not publish a redemption minimum for USYC. Redemptions are paid in USDC. The page says all transactions are in USDC. It does not name a bank or a city. The USYC page lists a subscription fee of 0.04% and a redemption fee of 0.03%, each at 0% on combined daily volume of $1 million or less, with the standard rate above that threshold. The performance fee is 10% of yield. After-hours subscription pricing varies and is described as based on a projected next price. The page says unlimited instant redemptions carry a fee and does not print the rate. A redemption below the instant-redemption capacity settles in one block, and the block time depends on the chain. Above that capacity, settlement is T+0 or T+1. The page does not print the capacity. A footnote says unlimited instant redemptions are available for a fee and does not print that fee. The issuer does not publish a storage fee for USYC. Direct purchase minimum: The USYC page lists an investment minimum of $100,000. Reserve report: Circle's developer overview says the token price and fund holdings are published through an on-chain oracle. Neither that overview nor the USYC page names an auditor or an assurance standard for a reserve report.