TBILL vs USDY
OpenEden TBILL and Ondo US Dollar Yield are both treasuries tokens, so this page compares them. TBILL is with no named issuer with no published chain list. USDY is issued by Ondo USDY LLC with no published chain list. The cited pages differ on issuer, custodian, 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 · OpenEden TBILL · Ondo US Dollar Yield
| Field | OpenEden TBILL | Ondo US Dollar Yield |
|---|---|---|
| Ticker | TBILL | USDY |
| Asset class | Treasuries | Treasuries |
| Issuer | — | Ondo USDY LLC |
| Issuer jurisdiction | — | United States |
| Regulator | 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. | Offered under Regulation S to non-U.S. persons. Ondo USDY LLC is registered as a money services business with FinCEN. The basics page says that as of 15 Dec 2025 the note was folded into the Ondo Stocks umbrella. |
| Token type | 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. | Tokenized note. Depending on the issuance date, Ondo says USDY may be secured by short-term U.S. Treasuries, shares of the iShares Short Treasury Bond ETF, or bank demand deposits. The accumulating token's price rises as yield accrues. Ondo USDY LLC's activities are limited to borrowing, issuing tokens as evidence of that debt, and allocating proceeds to U.S. Treasuries and U.S. bank demand deposits. |
| Custodian | BNY, custodian of the underlying U.S. Treasury bills. | — |
| Auditor | TJ Assurance Partners PAC is named as fund auditor and Ernst & Young as independent auditor. Protege Fund Services is named as fund administrator. | Smart-contract audits for Ondo Funds and USDY are published by Ondo, including Spearbit, Halborn, Code4rena, and Cyfrin reports. No fund auditor is named on those pages. |
| Chains | — | — |
| Fees | — | — |
| 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. | Current purchases through the web app follow the Ondo Stocks terms. Ondo USDY LLC can redeem USD by bank wire only to non-U.S. bank accounts. USDC redemption is described through Ondo Global Markets (BVI) Limited. Mint and redeem on Sui, Aptos, Stellar, XRP, or Noble is via support@ondo.finance. |
| Minimum unit | — | Deposits of $100,000 or more can use a USD bank wire. Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. |
| Launched | — | — |
| Website | https://openeden.com/ | https://ondo.finance/ |
| CoinGecko id | — | — |
| Market cap | — | — |
| Supply | — | — |
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.
Eligibility and redemption read from the issuer on 31 Oct 2026
How to buy USDY
After onboarding, mint USDY with USDC on the Ondo web app. A deposit of $100,000 or more can also use a USD bank wire. The basics page says to contact support@ondo.finance for the wire, and that current web-app purchases follow the Ondo Stocks terms. It does not name a secondary-market exchange.
The trust page says investors undergo customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. It does not print the document list.
Who can and cannot hold USDY
Ondo US Dollar Yield is issued from United States.
Regulator, as published: Offered under Regulation S to non-U.S. persons. Ondo USDY LLC is registered as a money services business with FinCEN. The basics page says that as of 15 Dec 2025 the note was folded into the Ondo Stocks umbrella.
The trust page says Ondo USDY LLC can issue and sell USDY only to non-U.S. persons, in transactions outside the United States, under Regulation S. It does not publish a further country list. Investors must pass customer due diligence under the LLC's Bank Secrecy Act program. The basics page says that as of 15 December 2025 the note was folded into the Ondo Stocks umbrella.
What redemption actually means in practice for USDY
Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. The basics page does not state a separate redemption minimum for other networks.
Ondo USDY LLC can redeem US dollars by bank wire only to a non-U.S. bank account. USDC redemption is described through Ondo Global Markets (BVI) Limited. The basics page does not name the bank or the city.
The issuer does not publish an issuer fee for Ondo US Dollar Yield.
The issuer does not publish a redemption settlement time for Ondo US Dollar Yield.
The issuer does not publish a storage fee for Ondo US Dollar Yield.
Direct purchase minimum: Mint with USDC after onboarding. Deposits of $100,000 or more can use a USD bank wire. Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum.
Reserve report: The trust page says periodic fund audits are shared with authorized requesting parties and does not name the fund auditor. It points to published smart-contract audits, which are code reviews. Neither page names an assurance standard for a reserve report.
OpenEden TBILL sources
Questions
Yes. Both are treasuries. RWA Leads does not publish a comparison across asset classes.
OpenEden TBILL: the cited pages do not name an issuer. Ondo US Dollar Yield: Ondo USDY LLC.
TBILL fees: not stated. USDY fees: not stated. 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.. USDY redemption: Current purchases through the web app follow the Ondo Stocks terms. Ondo USDY LLC can redeem USD by bank wire only to non-U.S. bank accounts. USDC redemption is described through Ondo Global Markets (BVI) Limited. Mint and redeem on Sui, Aptos, Stellar, XRP, or Noble is via support@ondo.finance..
The slugs in alphabetical order: /compare/tbill-vs-usdy. The other order is a permanent redirect.
OpenEden TBILL: The cited catalog does not include an official how-to-buy path for OpenEden TBILL. Ondo US Dollar Yield: After onboarding, mint USDY with USDC on the Ondo web app. A deposit of $100,000 or more can also use a USD bank wire. The basics page says to contact support@ondo.finance for the wire, and that current web-app purchases follow the Ondo Stocks terms. It does not name a secondary-market exchange. The trust page says investors undergo customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. It does not print the document list.
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 US Dollar Yield is issued from United States. Regulator, as published: Offered under Regulation S to non-U.S. persons. Ondo USDY LLC is registered as a money services business with FinCEN. The basics page says that as of 15 Dec 2025 the note was folded into the Ondo Stocks umbrella. The trust page says Ondo USDY LLC can issue and sell USDY only to non-U.S. persons, in transactions outside the United States, under Regulation S. It does not publish a further country list. Investors must pass customer due diligence under the LLC's Bank Secrecy Act program. The basics page says that as of 15 December 2025 the note was folded into the Ondo Stocks umbrella.
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. Ondo US Dollar Yield: Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. The basics page does not state a separate redemption minimum for other networks. Ondo USDY LLC can redeem US dollars by bank wire only to a non-U.S. bank account. USDC redemption is described through Ondo Global Markets (BVI) Limited. The basics page does not name the bank or the city. The issuer does not publish an issuer fee for Ondo US Dollar Yield. The issuer does not publish a redemption settlement time for Ondo US Dollar Yield. The issuer does not publish a storage fee for Ondo US Dollar Yield. Direct purchase minimum: Mint with USDC after onboarding. Deposits of $100,000 or more can use a USD bank wire. Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. Reserve report: The trust page says periodic fund audits are shared with authorized requesting parties and does not name the fund auditor. It points to published smart-contract audits, which are code reviews. Neither page names an assurance standard for a reserve report.