USDY vs USYC
Ondo US Dollar Yield and USYC are both treasuries tokens, so this page compares them. USDY 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 US Dollar Yield · USYC
| Field | Ondo US Dollar Yield | USYC |
|---|---|---|
| Ticker | USDY | 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 | 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. | 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 | 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. | 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 | 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 | — | 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 | 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. | 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 | 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. | 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 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.
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 US Dollar Yield sources
Questions
Yes. Both are treasuries. RWA Leads does not publish a comparison across asset classes.
Ondo US Dollar Yield: Ondo USDY LLC. USYC: Circle International Bermuda Limited, token administrator for Hashnote International Short Duration Yield Fund Ltd..
USDY 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.. 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.. 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/usdy-vs-usyc. The other order is a permanent redirect.
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. 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 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. 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 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. 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.