Ondo Finance's yield-bearing token $USDY (Ondo US Dollar Yield) has reached a record supply of $2.35 billion, according to CoinMarketCap data. On February 24, supply stood at about $705 milli
Ondo Finance's yield-bearing token $USDY (Ondo US Dollar Yield) has reached a record supply of $2.35 billion, according to CoinMarketCap data. On February 24, supply stood at about $705 million. That is growth of roughly 233% in under eight months.
$USDY is issued by @Ondo, the tokenized real-world asset (RWA) project behind the $ONDO governance token. The milestone adds to a broader push to bring U.S. government debt onto blockchains.
$USDY is a tokenized note backed by short-term U.S. Treasuries and bank deposits, as described by RWA.xyz. The token is aimed at non-U.S. individuals and institutions. It does not pay out interest directly. Instead, Eco's explainer notes that it accrues yield through a rising redemption value, so the token trades at a premium to $1.00 that grows over time.
Access is also relatively broad. Altrady's guide to Ondo says USDY has a $50 minimum, compared with $5 million for BlackRock's BUIDL fund. That gap helps explain why a retail-accessible product can scale quickly outside the U.S.
Ondo's own figures show how fast the product has expanded. In a company blog post, Ondo said USDY had passed $1 billion in total value locked and was available across nine blockchains. The latest supply figure is more than double that earlier milestone.
Data from RWA.xyz, as reported by KuCoin News, shows USDY holdings of about $2.328 billion, ahead of BlackRock's BUIDL at about $2.204 billion. The same report put Ondo's combined tokenized Treasury holdings, including $USDY, OUSG and tokenized ETFs, at about $3 billion. Figures differ slightly between data providers because of timing and methodology.
Competition is likely to intensify as more issuers launch tokenized Treasury products. For now, $USDY's supply trend suggests demand for onchain, dollar-denominated yield remains strong among non-U.S. investors. Investors should note that $USDY is not available to U.S. persons and that its yield depends on the performance of the underlying Treasury and deposit portfolio.
RWA.xyz: Ondo U.S. Dollar Yield (USDY)Ondo Finance: Largest provider of tokenized Treasuries and stocksKuCoin News: Ondo tokenized U.S. Treasury reaches $3 billion
