USDY: Treasuries That Pay Yield Onchain
Over $28 trillion sits in US Treasury notes and almost none of it has touched a public network. Tokenization is changing that, producing a new asset class that generates yield rather than holding a flat peg. Ondo calls it a yieldcoin.
Ondo Finance's USDY is a tokenized note backed by short-term US Treasuries and bank demand deposits, earning yield automatically reflected in the token itself. Investors hold a real income-producing asset directly in their wallet. Unlike a stablecoin pegged to stay flat, USDY tracks the value of what backs it. It has since grown to around $2.1 billion in assets across six networks, with Solana among its fastest-growing deployments.
Originally produced in May 2025. Some details may have changed since.
Ondo Finance: https://ondo.finance
USDY: https://ondo.finance/usdy
X: @OndoFinance: https://x.com/OndoFinance
solana.com: Overview of Institutional Real World Assets on Solana: https://solana.com/news/overview-of-institutional-real-world-assets-on-solana ("USDY is a tokenized note backed by short-term U.S. Treasuries and bank demand deposits")
Nathan Allman on Talking Tokens: https://solana.com/podcasts/talking-tokens/episodes/nathan-allman-is-2025-the-year-everything-gets-tokenized-e327hss
