rUSDY vs USYC
Ondo rebasing US Dollar Yield and USYC are both treasuries tokens, so this page compares them. rUSDY is issued by Ondo USDY LLC 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 rebasing US Dollar Yield · USYC
| Field | Ondo rebasing US Dollar Yield | USYC |
|---|---|---|
| Ticker | rUSDY | USYC |
| Asset class | Treasuries | Treasuries |
| Issuer | Ondo USDY LLC | Circle International Bermuda Limited, token administrator for Hashnote International Short Duration Yield Fund Ltd. |
| Issuer jurisdiction | United States | Cayman Islands (fund); Bermuda (token administrator) |
| Regulator | rUSDY is the rebasing wrapper of USDY. USDY itself is offered under Regulation S to non-U.S. persons. Ondo says the note was folded into Ondo Stocks as of 15 Dec 2025. | 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 | Rebasing wrapper. Ondo says each rUSDY corresponds to USDY locked in a wrapper contract. The rUSDY price stays at $1.00 and the holder receives more tokens as the USDY reference price rises. Counting USDY and rUSDY together double-counts the wrapped tokens. | 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 | — | — |
| Chains | — | Arc, BNB, Canton, Ethereum, NEAR, Solana |
| 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. |
| Redemption | Ondo says holders can convert between USDY and rUSDY on its website. USD redemption of the underlying note is the USDY path: bank wire to a non-U.S. account, or USDC through Ondo Global Markets (BVI) Limited. | 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 | The wrapper page does not state a separate rUSDY minimum. The USDY page sets a $5,000 minimum on Sui, Aptos, Stellar, XRP, and Noble. | Investment minimum $100,000. |
| Launched | — | 2023-01-05 |
| Website | https://ondo.finance/ | https://www.circle.com/usyc |
| CoinGecko id | — | — |
| Market cap | — | — |
| Supply | — | — |
Eligibility and redemption read from the issuer on 31 Oct 2026
How to buy rUSDY
The basics page says holders can convert between USDY and rUSDY on the Ondo website. It does not name an exchange for the wrapper.
The trust page requires customer due diligence on USDY investors. The wrapper page does not print a separate checklist.
Who can and cannot hold rUSDY
Ondo rebasing US Dollar Yield is issued from United States.
Regulator, as published: rUSDY is the rebasing wrapper of USDY. USDY itself is offered under Regulation S to non-U.S. persons. Ondo says the note was folded into Ondo Stocks as of 15 Dec 2025.
rUSDY is the rebasing wrapper of USDY. The trust page limits USDY issuance and sale to non-U.S. persons under Regulation S. The basics page does not add a separate country list for the wrapper.
What redemption actually means in practice for rUSDY
The wrapper page does not state a separate rUSDY redemption minimum. The USDY page sets a $5,000 minimum to mint or redeem on Sui, Aptos, Stellar, XRP, or Noble.
Converting rUSDY back to USDY happens in the wrapper, and the basics page says that conversion is on the Ondo website. Cash redemption of the underlying note follows USDY: a US-dollar wire only to a non-U.S. bank account, or USDC through Ondo Global Markets (BVI) Limited.
The issuer does not publish an issuer fee for Ondo rebasing US Dollar Yield.
The issuer does not publish a redemption settlement time for Ondo rebasing US Dollar Yield.
The issuer does not publish a storage fee for Ondo rebasing US Dollar Yield.
Direct purchase minimum: The wrapper page does not state a separate rUSDY purchase minimum. The USDY page sets a $5,000 minimum on Sui, Aptos, Stellar, XRP, and Noble.
Reserve report: The basics page describes rUSDY as USDY locked in a wrapper contract. It does not name a reserve-report standard for the wrapper. The trust page's note on fund audits applies to Ondo products generally and does not name an auditor.
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 rebasing US Dollar Yield sources
Questions
Yes. Both are treasuries. RWA Leads does not publish a comparison across asset classes.
Ondo rebasing US Dollar Yield: Ondo USDY LLC. USYC: Circle International Bermuda Limited, token administrator for Hashnote International Short Duration Yield Fund Ltd..
rUSDY fees: not stated. 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.. rUSDY redemption: Ondo says holders can convert between USDY and rUSDY on its website. USD redemption of the underlying note is the USDY path: bank wire to a non-U.S. account, or USDC through Ondo Global Markets (BVI) Limited.. 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/rusdy-vs-usyc. The other order is a permanent redirect.
Ondo rebasing US Dollar Yield: The basics page says holders can convert between USDY and rUSDY on the Ondo website. It does not name an exchange for the wrapper. The trust page requires customer due diligence on USDY investors. The wrapper page does not print a separate checklist. 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 rebasing US Dollar Yield is issued from United States. Regulator, as published: rUSDY is the rebasing wrapper of USDY. USDY itself is offered under Regulation S to non-U.S. persons. Ondo says the note was folded into Ondo Stocks as of 15 Dec 2025. rUSDY is the rebasing wrapper of USDY. The trust page limits USDY issuance and sale to non-U.S. persons under Regulation S. The basics page does not add a separate country list for the wrapper. 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 rebasing US Dollar Yield: The wrapper page does not state a separate rUSDY redemption minimum. The USDY page sets a $5,000 minimum to mint or redeem on Sui, Aptos, Stellar, XRP, or Noble. Converting rUSDY back to USDY happens in the wrapper, and the basics page says that conversion is on the Ondo website. Cash redemption of the underlying note follows USDY: a US-dollar wire only to a non-U.S. bank account, or USDC through Ondo Global Markets (BVI) Limited. The issuer does not publish an issuer fee for Ondo rebasing US Dollar Yield. The issuer does not publish a redemption settlement time for Ondo rebasing US Dollar Yield. The issuer does not publish a storage fee for Ondo rebasing US Dollar Yield. Direct purchase minimum: The wrapper page does not state a separate rUSDY purchase minimum. The USDY page sets a $5,000 minimum on Sui, Aptos, Stellar, XRP, and Noble. Reserve report: The basics page describes rUSDY as USDY locked in a wrapper contract. It does not name a reserve-report standard for the wrapper. The trust page's note on fund audits applies to Ondo products generally and does not name an auditor. 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.