Inside Ondo Finance: How OUSG and USDY Tokenize US Treasuries Through Distinct Legal Frameworks

TLDR: OUSG operates as a Delaware limited partnership investing through BlackRock’s BUIDL fund into US Treasuries. USDY holders are secured creditors of a special purpose vehicle backed by US Treasuries and bank deposits. OUSG is restricted to Qualified Purchasers, while USDY targets non-US investors under Regulation S. Both products are audited, FinCEN-registered, and built on [...]

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