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USDY Ondo Finance has reached a milestone for one of its early products-its tokenized treasury bond USDY has celebrated its third anniversary, with a market value of US$2.1 billion.
USDY (Dollar Yield Token) is a token backed by short-term U.S. Treasury bonds and bank deposits. According to Ondo, the token is currently among the top three tokenized government bonds. Tokenized treasury bonds are a blockchain-based form of government debt that allows holders to earn income on the chain without going through traditional brokers.
Ondo Finance is a company committed to bringing institutional financial products to public blockchains. The company said USDY was one of the first signals to show that tokenization can reshape the way financial products are issued, obtained and used.
Three years of growth, spanning six chains
USDY tracks the value of the U.S. dollar, but its price is usually just above $1 because the proceeds generated per unit of token are re-injected into the token, making its value grow over time. The reserves behind it consist of treasury bonds and bank deposits, both of which are considered cash equivalents. Ondo said the token supports unlicensed transfers as well as round-the-clock minting and redemption.
Since its launch in August 2023, USDY has expanded to six blockchains and, according to Ondo, currently has nearly 30,000 holders. The company said the token has transferred US$8.5 billion over the past three years.
This milestone reflects a broader trend of migrating real-world assets onto the chain. Ondo is positioned around institutional standards in this market. By maintaining token compliance while retaining blockchain-based transfer flexibility, Ondo is betting that tokenized treasury bonds can serve both traditional financial and cryptocurrency users.
