USDY is issued by Ondo Finance, a company focused on institutional-grade financial products delivered onchain. Ondo operates with dual arms: an asset management division creating tokenized financial products, and a technology division developing DeFi protocols. The team emphasizes compliance-first approach, working with regulated service providers and third-party audited security. Leadership prioritizes transparency, investor protections, and collaboration with preeminent asset managers worldwide.

USDY launched as a pioneering yield-bearing stablecoin, with the rebasing variant rUSDY introduced to maintain a stable $1.00 price while distributing yield daily. As of December 15, 2025, USDY LLC was folded into the Ondo Stocks umbrella. The token expanded across multiple blockchains including Ethereum, Solana, Arbitrum, BNB Chain, Aptos, Sui, Osmosis, Mantle, Mantra, Stellar, and Sei. USDY achieved over $2.15 billion in TVL, becoming the world's leading permissionless yieldcoin.

USDY operates across multiple blockchain platforms: Ethereum (0x96f6ef951840721adbf46ac996b59e0235cb985c), Solana (A1KLoBrKBde8Ty9qtNQUtq3C2ortoC3u7twggz7sEto6), Arbitrum One, BNB Chain, Aptos, Sui, Osmosis, Mantle, Mantra, Stellar, Sei V2, and Plume Network. The token follows standard token contract formats on each chain and supports instant minting and redemption through Ondo's proprietary Nexus technology, enabling 24/7 operations with regulatory compliance.

USDY has a circulating and total supply of approximately 1.88 billion tokens with no maximum supply cap. The token price appreciates over time as yield accrues from underlying US Treasuries, currently trading around $1.14 with an all-time high of $1.26 and all-time low of $0.934. USDY generates yield through exposure to short-term US Treasury bills and iShares Short Treasury Bond ETF shares, with yield automatically accruing to token holders through increasing redemption prices on business days.

USDY operates under Ondo Finance's compliance-first governance framework with regulatory oversight. The protocol emphasizes decentralization principles while maintaining regulatory compliance across multiple jurisdictions. USDY uses a wrapper contract mechanism for rUSDY conversion, where wrapped USDY is locked in contracts to mint corresponding rUSDY tokens. The governance model prioritizes transparency, regular reporting, and third-party security audits. The protocol eventually aims for independent operation separate from Ondo, with separate entities controlling different protocol components.

USDY serves multiple purposes: as a yield-bearing stablecoin for DeFi cash management, as collateral in smart contracts, and for cross-chain value transfer. Users can mint USDY with USDC instantly or via bank wire for deposits over $100K. The rUSDY variant provides stable $1.00 pricing ideal for yield-bearing settlement and exchange. USDY is integrated across major DeFi protocols and blockchain ecosystems, enabling users to earn ~3.55% APY while maintaining liquidity. The token supports easy conversion between accumulating USDY and rebasing rUSDY through Ondo's web platform.