Ondo Short-Term U.S. Government Treasuries (OUSG)
Solana: can freeze a holder, mint. An account only a program can sign for can freeze a holder.
Polygon: can freeze a holder, pause transfers, claw back, gate who may hold, mint, change the code. A 3-of-6 multisig can pause transfers. A 3-of-6 multisig holds the admin key. A 3-of-6 multisig, through a contract, can change the code with no delay.
In plain words on RIADeFi: Ondo OUSG.
This file replaced an earlier version on 2026-09-30. The file named BUIDL as the lead holding. The dated holdings table now shows a mix led by SWEEP, while the FAQ still claims a BUIDL majority. Earlier versions.
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: Ondo OUSG and USDY Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- Who may hold it
Only persons who are both accredited investors and qualified purchasers.
“OUSG tokens have not been registered under the US Securities Act of 1933, as amended (the “Act”) or the securities or financial instrument laws of any other jurisdiction, and are available solely to persons who are accredited investors (as defined in Rule 501 of Regulation D under the Act) and qualified purchasers (as defined in Section 2(a)(51) of the US Investment Company Act of 1940, as amended (the “40 Act”)).”
Ondo docs: legal and investor eligibility · Important Notes, first paragraph · words found 2026-09-23
- First purchase minimum
$5,000 for instant subscriptions and $100,000 for other subscriptions.
“For instant transactions, the minimum amount is $5,000 for both investments and redemptions. For non-instant transactions, our minimum investment and redemption amounts are $100K and $50K, respectively.”
Ondo Finance Docs: OUSG Investing · ”What is the minimum I can invest in OUSG?” · words found 2026-09-23
- Account types
Individuals and entities; this page does not name trusts or IRAs.
“The most common criteria are individuals with a net worth of over $5M or organizations or entities with over $25M in assets.”
Ondo Finance Docs: OUSG Eligibility & Onboarding · ”Who can invest in OUSG? Who can redeem? Who can hold and/or transfer it?” · words found 2026-09-23
- Who it may be transferred to
Only to investors onboarded to Ondo’s Qualified-Access Funds.
“Only individuals who have onboarded to our Qualified-Access Funds can invest in, redeem, or transfer, or receive OUSG or any other Qualified-Access Product.”
Ondo Finance Docs: OUSG Eligibility & Onboarding · ”Who can invest in OUSG? Who can redeem? Who can hold and/or transfer it?” · words found 2026-09-23
- How a holder redeems
An instant redemption pays USDC in the same transaction; otherwise, tokens sent before 4pm ET are typically paid the next business day.
“If you do an instant redemption, the redemption takes place as an atomic transaction so you will receive your USDC at the same time as you send in your OUSG for redemption.”
Ondo docs: OUSG redemption terms · ”How quickly will I get my money once I redeem?” · words found 2026-09-23
- Who keeps the official record
The documents we read do not state this.
Not stated in Ondo docs: legal and investor eligibility, docs.ondo.finance, docs.ondo.finance, Ondo Finance Docs: OUSG Investing, docs.ondo.finance, docs.ondo.finance, drive.google.com.
- What the issuer says it can freeze or take back
The documents we read do not state this.
Not stated in docs.ondo.finance, Ondo docs: legal and investor eligibility, docs.ondo.finance, drive.google.com.
| Fact | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
What the issuer filed with the SEC
A private offering files Form D with the SEC within 15 days of its first sale and amends it each year while it sells. The issuer signs it. It states the exemption relied on, the fund’s exclusion from the Investment Company Act (which decides who may buy), the smallest investment accepted, the amount sold, and how many investors hold.
| Filed | Form | Exemption claimed | Minimum | Sold to date | Investors |
|---|---|---|---|---|---|
| 2026-01-20 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $5,000 | $1,857,726,909 | 84 |
| 2025-01-21 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $5,000 | $401,040,506 | 80 |
| 2024-01-19 | D/A | Rule 506(c); Investment Company Act section 3(c)(7) | $0 | $300,490,510 | 61 |
| 2023-01-11 | D | Rule 506(c); Investment Company Act section 3(c)(7) | $0 | $0 | 0 |
Filed by Ondo I LP (SEC CIK 1957431). Sold to date counts every sale since the first and does not show the fund’s size today. Ketju reads EDGAR daily and reviews this file again when a new filing appears.
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Ethereum | No | Yes | Yes | Yes | Yes | A 1-of-9 multisig can pause transfers. A 3-of-5 multisig holds the admin key. A 4-of-7 multisig, through a contract, can change the code with no delay. |
| Solana | Yes | No | No | No | No | An account only a program can sign for can freeze a holder. |
| Polygon | Yes | Yes | Yes | Yes | Yes | A 3-of-6 multisig can pause transfers. A 3-of-6 multisig holds the admin key. A 3-of-6 multisig, through a contract, can change the code with no delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-27. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Ethereum | Proxy admin | change the code | a contract run by a 4-of-7 multisig | 0xba80…f6d5 |
| Ethereum | Admin role | grant and revoke these powers | a 4-of-7 multisig | 0xaed4…8367 |
| Ethereum | Pauser role | pause transfers | a 4-of-7 multisig | 0xaed4…8367 |
| Ethereum | Minter role | mint new tokens | a 4-of-7 multisig | 0xaed4…8367 |
| Ethereum | Pauser role | pause transfers | a 1-of-9 multisig | 0x2e55…a2cc |
| Ethereum | Kyc configurer role | decide who may hold | a 4-of-7 multisig | 0xaed4…8367 |
| Ethereum | Minter role | mint new tokens | a contract | 0x9335…643a |
| Ethereum | Admin role | grant and revoke these powers | a 3-of-5 multisig | 0x5ae2…78ef |
| Solana | Mint authority | mint new tokens | an account only a program can sign for | 6ViaRW…E4cE |
| Solana | Freeze authority | freeze a holder | an account only a program can sign for | 6ViaRW…E4cE |
| Polygon | Proxy admin | change the code | a contract run by a 3-of-6 multisig | 0xa4d0…e0e8 |
| Polygon | Admin role | grant and revoke these powers | a 3-of-6 multisig | 0x4413…74d0 |
| Polygon | Pauser role | pause transfers | a 3-of-6 multisig | 0x4413…74d0 |
Ethereum: 4 contract reads, 5 functions in verified source, 2026-09-23
- eip1967.implementation=0x1ceb44b6e515abf009e0ccb6ddafd723886cf3ff
- eip1967.admin=0xba80aa44cc25e85cc30359150dfb1c7d041cf6d5
- paused()=false
- kycRegistry()=0x56a5d911052323d688c731d516530878557463e7
- kycRegistry in verified source 0x1ceb…f3ff
- pause in verified source 0x1ceb…f3ff
- burn in verified source 0x1ceb…f3ff
- mint in verified source 0x1ceb…f3ff
- upgradeTo in verified source 0x1ceb…f3ff
Solana: 2 contract reads, 0 functions in verified source, 2026-09-23
- mintAuthority=6ViaRWzv7p56RfP1A9Hxy2ctu9kfE3XL43SxWuq3E4cE
- freezeAuthority=6ViaRWzv7p56RfP1A9Hxy2ctu9kfE3XL43SxWuq3E4cE
Polygon: 8 contract reads, 22 functions in verified source, 2026-09-27
- paused()=0x0000000000000000000000000000000000000000
- totalSupply()=0x0000000000000000000000000000000000000000
- decimals()=0x0000000000000000000000000000000000000012
- kycRegistry()=0x7cd852c0d7613aa869e632929560f310d4059ac1
- eip1967.implementation=0xf0001671af432f7bb3c3172608265e49722fdbbb
- eip1967.admin=0xa4d0c86e1186088beebf1f72f2a4aaba92ade0e8
- eip1967.beacon=0x0000000000000000000000000000000000000000
- allowlist not on transfer path=KYC_CONFIGURER_ROLE
- kycRegistry in verified source 0xf000…dbbb
- kycRequirementGroup in verified source 0xf000…dbbb
- setKYCRegistry in verified source 0xf000…dbbb
- setKYCRequirementGroup in verified source 0xf000…dbbb
- kycRegistry.REGISTRY_ADMIN in verified source 0xf000…dbbb
- kycRegistry.addKYCAddressViaSignature in verified source 0xf000…dbbb
- kycRegistry.addKYCAddresses in verified source 0xf000…dbbb
- kycRegistry.assignRoletoKYCGroup in verified source 0xf000…dbbb
- kycRegistry.getKYCStatus in verified source 0xf000…dbbb
- kycRegistry.kycGroupRoles in verified source 0xf000…dbbb
- kycRegistry.kycState in verified source 0xf000…dbbb
- kycRegistry.removeKYCAddresses in verified source 0xf000…dbbb
- kycRegistry.sanctionsList in verified source 0xf000…dbbb
- PAUSER_ROLE in verified source 0xf000…dbbb
- pause in verified source 0xf000…dbbb
- paused in verified source 0xf000…dbbb
- unpause in verified source 0xf000…dbbb
- burn in verified source 0xf000…dbbb
- MINTER_ROLE in verified source 0xf000…dbbb
- mint in verified source 0xf000…dbbb
- upgradeTo in verified source 0xf000…dbbb
- upgradeToAndCall in verified source 0xf000…dbbb
Where it trades
| Venue | Kind |
|---|---|
| Ondo Finance subscription and redemption | issuer primary |
Redemption
| Route | Settlement | Minimum | Settles in |
|---|---|---|---|
| Redeem with the issuer in its window | Ondo redeems instantly in USDC within the published instant limits, and otherwise on the next business day at NAV | $5,000 | USDC, PYUSD, RLUSD, USD |
- Ondo states whether the chain or the administrator’s register governs ownership of the limited partnership interest; Ketju will then state the holder’s claim from that document
- The KYC registry, proxy admin, or implementation on Ethereum changes, or Ondo adds a Solana permanent delegate or transfer hook
- Ondo opens a share class to accredited investors who are not qualified purchasers
- An instant-redemption failure, a NAV discrepancy, or an entitlement failure
- Ondo publishes an XRPL control model that Ketju can read; Ketju will then add that chain
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote, since a fund of this kind accrues a few basis points a day. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju reads EDGAR for the issuer’s Form D filings and reviews the file again when a new filing appears. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has revised this file 4 times since filing it. Ketju keeps each earlier version as published, with the reason for the change.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
| 2026-09-23 | Revised. Superseded the same day: the file called the token the official record (issuer direct) while its own transfer-agent line said the fund administrator keeps the register. The documents reviewed do not settle which governs, so the claim model and the official record now say Not stated. |
| 2026-09-23 | Revised. Superseded to quote the issuer’s terms: the $5,000 minimum applies to instant subscriptions only; outside that path the minimums are $100,000 and $50,000, and redemptions settle in PYUSD and RLUSD too. |
| 2026-09-27 | Revised. Superseded to add control readings on chains the file listed without one, so a wallet holding the token there matches the file and the daily watch reads it. The terms and the claim model did not change. |
| 2026-09-30 | Revised. The file named BUIDL as the lead holding. The dated holdings table now shows a mix led by SWEEP, while the FAQ still claims a BUIDL majority. |
Sources
- Ondo OUSG holdings table and FAQ · primary · accessed 2026-09-30
Supports: September 30 holdings mix, FAQ conflicts with holdings table - Ondo OUSG overview · primary · accessed 2026-09-30
Supports: fund mix, liquidity balances - Ondo docs: legal and investor eligibility · primary · accessed 2026-08-01
Supports: accredited investor and qualified purchaser, Rule 506(c), Section 3(c)(7), who may-hold - Ondo docs: OUSG instant limits · primary · accessed 2026-08-01
Supports: $5,000 instant transaction minimum, instant USDC limits - Ondo docs: OUSG redemption terms · primary · accessed 2026-08-01
Supports: instant and business-day redemption, redemption - Ondo docs: live OUSG contracts and supported chains · primary · accessed 2026-09-23
Supports: Ethereum, Polygon, Solana, XRPL contract identities, OndoIDRegistry - Verified implementation on Ethereum (Sourcify) · primary · accessed 2026-09-23
Supports: kycRegistry gate, pause, burn and burnFrom, MINTER_ROLE mint, upgradeTo - Ondo Finance Docs: OUSG Investing · primary · accessed 2026-09-23
Supports: minimum - Ondo Finance Docs: OUSG Eligibility & Onboarding · primary · accessed 2026-09-23
Supports: account types, transfer - docs.ondo.finance · primary · accessed 2026-09-23
Supports: checked for record - docs.ondo.finance · primary · accessed 2026-09-23
Supports: checked for record - docs.ondo.finance · primary · accessed 2026-09-23
Supports: checked for record - docs.ondo.finance · primary · accessed 2026-09-23
Supports: checked for record - drive.google.com · primary · accessed 2026-09-23
Supports: checked for record