Eligibility file · Note
Ondo U.S. Dollar Yield (USDY, rUSDY, mUSD)
What the client owns
A secured note of Ondo Global Markets (BVI) Limited. Holders have a security interest in the backing assets but no right to the Treasuries. Issuer direct: The on-chain record is the securityholder file; the holder is the registered owner.
Who may hold it
Not offered to US persons. First purchase minimum not stated. Minting and redeeming need onboarding with the issuer; holding does not. The docs set a $5,000 minimum on Sui, Aptos, Stellar, XRP, Noble and Tempo and state none for Ethereum or the web app. The UK, EEA, Switzerland, Singapore, Hong Kong, Malaysia and Brazil admit only professional or qualified investors; Canada and the US are barred.
Who can freeze or claw back
Ethereum USDY: can freeze a holder, pause transfers, claw back, gate who may hold, mint, change the code. A single key can freeze a holder. A 4-of-7 multisig, through a contract, can change the code with no delay.
BSC USDY: can pause transfers, change the code (allowlist, freeze, clawback unverified).
Arbitrum USDY: can freeze a holder, pause transfers, claw back, mint, change the code. A single key can freeze a holder. A 4-of-7 multisig, through a contract, can change the code with no delay.
Plume Mainnet USDY: can freeze a holder, pause transfers, claw back, mint, change the code (allowlist unverified). A 1-of-2 multisig can freeze a holder. A 3-of-7 multisig, through a contract, can change the code with no delay.
Solana USDY: can freeze a holder, mint. An account only a program can sign for can freeze a holder.
Stellar USDY: can freeze a holder, claw back, mint, change the code. A single key can freeze a holder and claw back tokens.
Ethereum rUSDY: can freeze a holder, pause transfers, claw back, change the code. A single key can freeze a holder. A 4-of-7 multisig, through a contract, can change the code with no delay.
BSC USDY: can pause transfers, change the code (allowlist, freeze, clawback unverified).
Arbitrum USDY: can freeze a holder, pause transfers, claw back, mint, change the code. A single key can freeze a holder. A 4-of-7 multisig, through a contract, can change the code with no delay.
Plume Mainnet USDY: can freeze a holder, pause transfers, claw back, mint, change the code (allowlist unverified). A 1-of-2 multisig can freeze a holder. A 3-of-7 multisig, through a contract, can change the code with no delay.
Solana USDY: can freeze a holder, mint. An account only a program can sign for can freeze a holder.
Stellar USDY: can freeze a holder, claw back, mint, change the code. A single key can freeze a holder and claw back tokens.
Ethereum rUSDY: can freeze a holder, pause transfers, claw back, change the code. A single key can freeze a holder. A 4-of-7 multisig, through a contract, can change the code with no delay.
How it exits
Redeem with the issuer in its window. Onboarded non-US holders redeem to USDC through Ondo Global Markets (BVI) Limited in the Ondo app, or on Ethereum through USDY_InstantManager from a wallet in the OndoIDRegistry, subject to per-user and global rate limits; Ondo advertises 24/7 minting and redemption. USD only by wire to a non-US bank. Current docs state no settlement time or fee.. Settles in USDC, USD.
This file replaced an earlier record on 2026-09-23. Superseded the same day: the reader now follows the blocklist contract the Plume token consults; its source is not verified, so the Plume allowlist answer is Unverified rather than No. Superseded records.
Research and shelf status are on the memo: Ondo OUSG and USDY Favorable research; shelf not set
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
A secured note of Ondo Global Markets (BVI) Limited. Holders have a security interest in the backing assets but no right to the Treasuries.
“USDY is not classified as a traditional stablecoin; instead, it is a tokenized secured note.”
Ondo docs: USDY comparison to stablecoins · Opening paragraph · words found 2026-09-23
- Who may hold it
Non-US persons only. US persons and orders placed from the US may not subscribe, acquire or redeem; some countries require professional status.
“Persons who place buy orders from within the United States, or any of its states, possessions, territories or federal districts, and persons who are ”US persons” or acting for the account or benefit of any ”US persons” within the meaning of Rule 902 of Regulation S promulgated under the United States Securities Act of 1933, as amended, are also prohibited from subscribing for, acquiring or redeeming USDY tokens.”
Ondo docs: USDY eligibility · Jurisdiction-Based Prohibitions, footnote to the United States entry · words found 2026-09-23
- First purchase minimum
$5,000 to mint or redeem on Sui, Aptos, Stellar, XRP, Noble and Tempo. The docs state no minimum for Ethereum or the web app.
“To mint and redeem USDY on Sui, Aptos, Stellar, XRP, Noble, or Tempo, please contact [email protected]. Please note that that there is a $5,000 minimum for minting and redeeming on these networks.”
Ondo docs: USDY Basics · Minting and Redeeming on Other Networks · words found 2026-09-23
- Account types
Non-US individuals and institutions.
“USDY is accessible to non-US individuals and institutional investors.”
Ondo: USDY product page · USDY In Detail · words found 2026-09-23
- Who it may be transferred to
Any wallet can receive USDY without onboarding, except blocklisted addresses. Current docs state no holding period for new mints.
“Like stablecoins, USDY operates as a bearer asset that can be transferred to investors without their needing to be onboarded with the issuer, although onboarding is necessary for minting or redeeming.”
Ondo docs: USDY comparison to stablecoins · Opening paragraph · words found 2026-09-23
- How a holder redeems
Onboarded non-US holders redeem to USDC through Ondo Global Markets, or to USD by wire only to a non-US bank.
“Note that to comply with applicable US laws and regulations, Ondo USDY LLC can only redeem USD via bank wire to non-US bank accounts.”
Ondo docs: USDY Basics · How does it work? > Redeeming · words found 2026-09-23
- Who keeps the official record
A bearer note: holding the token is holding the note. Ondo names no registrar or transfer agent.
“USDY is a type of bearer note that is distributed to non-US investors in accordance with Regulation S under the US Securities Act of 1933, as amended.”
Ondo: USDY product page · FAQ: How can USDY be lower risk than stablecoins? · words found 2026-09-23
- What the issuer says it can freeze or take back
Ondo keeps a blocklist contract on each EVM chain; a blocklisted address cannot hold, send or receive USDY.
“To hold, send, and receive USDY, users should not be on the blocklist.”
Ondo docs: USDY on Mantle integration guidelines · USDY & mUSD > USDY · words found 2026-09-23
| Fact | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| USDY | Ethereum | Yes | Yes | Yes | Yes | Yes | A single key can freeze a holder. A 4-of-7 multisig, through a contract, can change the code with no delay. |
| USDY | BSC | Unverified | Yes | Unverified | Unverified | Yes | |
| USDY | Arbitrum | Yes | Yes | Yes | No | Yes | A single key can freeze a holder. A 4-of-7 multisig, through a contract, can change the code with no delay. |
| USDY | Plume Mainnet | Yes | Yes | Yes | Unverified | Yes | A 1-of-2 multisig can freeze a holder. A 3-of-7 multisig, through a contract, can change the code with no delay. |
| USDY | Solana | Yes | No | No | No | No | An account only a program can sign for can freeze a holder. |
| USDY | Stellar | Yes | No | Yes | No | Yes | A single key can freeze a holder and claw back tokens. |
| rUSDY | Ethereum | Yes | Yes | Yes | No | Yes | A single key can freeze a holder. A 4-of-7 multisig, through a contract, can change the code with no delay. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| Token | Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|---|
| USDY | Ethereum | Proxy admin | change the code | a contract run by a 4-of-7 multisig | 0x3ed6…4c19 |
| USDY | Ethereum | Blocklist owner | freeze a holder, grant and revoke these powers | a 1-of-2 multisig | 0x99ca…1173 |
| USDY | Ethereum | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| USDY | Ethereum | Admin role | grant and revoke these powers | a 4-of-7 multisig | 0x1a69…3ad7 |
| USDY | Ethereum | Pauser role | pause transfers | a 4-of-7 multisig | 0x1a69…3ad7 |
| USDY | Ethereum | Pauser role | pause transfers | a 1-of-9 multisig | 0x2e55…a2cc |
| USDY | Ethereum | List configurer role | decide who may hold, freeze a holder | a 4-of-7 multisig | 0x1a69…3ad7 |
| USDY | Ethereum | Minter role | mint new tokens | a contract | 0x25a1…b97e |
| USDY | Ethereum | Minter role | mint new tokens | a contract run by a 4-of-7 multisig | 0xa627…307d |
| USDY | Ethereum | Minter role | mint new tokens | a 4-of-7 multisig | 0x1a69…3ad7 |
| USDY | Ethereum | Minter role | mint new tokens | a contract | 0xa426…1f15 |
| USDY | Arbitrum | Proxy admin | change the code | a contract run by a 4-of-7 multisig | 0xb7bc…52b2 |
| USDY | Arbitrum | Blocklist owner | freeze a holder, grant and revoke these powers | a 1-of-2 multisig | 0x99ca…1173 |
| USDY | Arbitrum | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| USDY | Arbitrum | Admin role | grant and revoke these powers | a 4-of-7 multisig | 0xc4ac…cb4d |
| USDY | Arbitrum | Pauser role | pause transfers | a 4-of-7 multisig | 0xc4ac…cb4d |
| USDY | Arbitrum | Minter role | mint new tokens | a 4-of-7 multisig | 0xc4ac…cb4d |
| USDY | Arbitrum | List configurer role | decide who may hold, freeze a holder | a 4-of-7 multisig | 0xc4ac…cb4d |
| USDY | Arbitrum | Pauser role | pause transfers | a 1-of-9 multisig | 0x3ae9…d196 |
| USDY | Arbitrum | Minter role | mint new tokens | a contract run by a 4-of-7 multisig | 0x0be3…bb41 |
| USDY | Plume Mainnet | Proxy admin | change the code | a contract run by a 3-of-7 multisig | 0xbd45…2167 |
| USDY | Plume Mainnet | Blocklist owner | freeze a holder, grant and revoke these powers | a 1-of-2 multisig | 0xb2f6…f9c3 |
| USDY | Plume Mainnet | Admin role | grant and revoke these powers | a 3-of-7 multisig | 0x8df2…03da |
| USDY | Plume Mainnet | Pauser role | pause transfers | a 3-of-7 multisig | 0x8df2…03da |
| USDY | Plume Mainnet | Pauser role | pause transfers | a 1-of-9 multisig | 0x7cb1…f35d |
| USDY | Plume Mainnet | Minter role | mint new tokens | a 3-of-7 multisig | 0x8df2…03da |
| USDY | Plume Mainnet | List configurer role | decide who may hold, freeze a holder | a 3-of-7 multisig | 0x8df2…03da |
| USDY | Solana | Mint authority | mint new tokens | a 1-of-2 multisig | 8n2uiR…qkB1 |
| USDY | Solana | Freeze authority | freeze a holder | an account only a program can sign for | 51QVCu…hiuK |
| USDY | Stellar | Issuer account | mint new tokens, freeze a holder, claw back tokens | a single key | GAJMPX…DAZ6 |
| rUSDY | Ethereum | Proxy admin | change the code | a contract run by a 4-of-7 multisig | 0xd037…52e9 |
| rUSDY | Ethereum | Blocklist owner | freeze a holder, grant and revoke these powers | a 1-of-2 multisig | 0x99ca…1173 |
| rUSDY | Ethereum | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| rUSDY | Ethereum | Admin role | grant and revoke these powers, pause transfers | a 4-of-7 multisig | 0x1a69…3ad7 |
| rUSDY | Ethereum | Pauser role | pause transfers | a 4-of-7 multisig | 0x1a69…3ad7 |
| rUSDY | Ethereum | Burner role | claw back tokens | a 4-of-7 multisig | 0x1a69…3ad7 |
| rUSDY | Ethereum | List configurer role | decide who may hold, freeze a holder | a 4-of-7 multisig | 0x1a69…3ad7 |
| rUSDY | Ethereum | Pauser role | pause transfers | a 1-of-9 multisig | 0x2e55…a2cc |
Ethereum USDY: 6 contract reads at block 26040534, 6 functions in verified source, 2026-09-23
Read from the chain
- eip1967.implementation=0xea0f7eebdc2ae40edfe33bf03d332f8a7f617528
- eip1967.admin=0x3ed61633057da0bc58f84b2b9002845e56f94c19
- paused()=false
- allowlist()=0x5cd9e3a4c9933133b512da1b6ba4672160e0c665
- blocklist()=0xd8c8174691d936e2c80114ec449037b13421b0a8
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
Read from verified source
- allowlist in verified source 0xea0f…7528
- blocklist in verified source 0xea0f…7528
- pause in verified source 0xea0f…7528
- burn in verified source 0xea0f…7528
- mint in verified source 0xea0f…7528
- upgradeTo in verified source 0xea0f…7528
BSC USDY: 3 contract reads at block 123574692, 0 functions in verified source, 2026-09-23
Read from the chain
- eip1967.implementation=0x46008bfc43af32e0250c442d4de8f6d7a78f9955
- eip1967.admin=0x887d5001365c0c23cb3f905d1992691e6164f3d6
- paused()=false
Arbitrum USDY: 5 contract reads at block 508137784, 5 functions in verified source, 2026-09-23
Read from the chain
- eip1967.implementation=0x5692349f8e7081e2ad0ba629e01761b43187304c
- eip1967.admin=0xb7bcc4af60fb5267946deff1fe373989995352b2
- paused()=false
- blocklist()=0xb9123f09d44e6df568726835233727a6e0ff16a2
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
Read from verified source
- blocklist in verified source 0x5692…304c
- pause in verified source 0x5692…304c
- burn in verified source 0x5692…304c
- mint in verified source 0x5692…304c
- upgradeTo in verified source 0x5692…304c
Plume Mainnet USDY: 4 contract reads at block 95057035, 5 functions in verified source, 2026-09-23
Read from the chain
- eip1967.implementation=0xbbfe105992808f4f92d2becd9e586358014ce613
- eip1967.admin=0xbd452c59fa3c4c03de464500e94e8f3e6cf12167
- paused()=false
- blocklist()=0x06323aa12d84532dc22f84e43d537b1cf82f614f
Read from verified source
- blocklist in verified source 0xbbfe…e613
- pause in verified source 0xbbfe…e613
- burn in verified source 0xbbfe…e613
- mint in verified source 0xbbfe…e613
- upgradeTo in verified source 0xbbfe…e613
Solana USDY: 2 contract reads at block 449719885, 0 functions in verified source, 2026-09-23
Read from the chain
- mintAuthority=8n2uiRUd1A9NN78PKESkJe6k6zMqtKCZh3MrK1j9qkB1
- freezeAuthority=51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK
Stellar USDY: 4 contract reads at block 64577016, 0 functions in verified source, 2026-09-23
Read from the chain
- auth_required=false
- auth_revocable=true
- auth_immutable=false
- auth_clawback_enabled=true
Ethereum rUSDY: 5 contract reads at block 26040538, 4 functions in verified source, 2026-09-23
Read from the chain
- eip1967.implementation=0x58910371d0b52dcf9d2e0a1af4e0078c58436908
- eip1967.admin=0xd037a4c1c6b7368cad2537c67e0dc75369d252e9
- paused()=false
- blocklist()=0xd8c8174691d936e2c80114ec449037b13421b0a8
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
Read from verified source
- burnShares in verified source 0x5891…6908
- blocklist in verified source 0x5891…6908
- pause in verified source 0x5891…6908
- upgradeTo in verified source 0x5891…6908
Where it trades
| Venue | Kind |
|---|---|
| Ondo app (app.ondo.finance) and USDY_InstantManager | issuer primary |
| Peer-to-peer and DEX pools on each issuing chain; Ondo says USDY trades there but names no pool | dex |
How it exits
| Path | Settlement | Minimum | Settles in |
|---|---|---|---|
| Redeem with the issuer in its window | Onboarded non-US holders redeem to USDC through Ondo Global Markets (BVI) Limited in the Ondo app, or on Ethereum through USDY_InstantManager from a wallet in the OndoIDRegistry, subject to per-user and global rate limits; Ondo advertises 24/7 minting and redemption. USD only by wire to a non-US bank. Current docs state no settlement time or fee. | USDC, USD | |
| Redeem with the issuer in its window | On Sui, Aptos, Stellar, XRP, Noble and Tempo, by request to [email protected] through the chain redemption account. | $5,000 | USDC, USD |
- Ondo publishes the Ondo Global Markets Sales Terms or offering documents for USDY, or says whether USDY issued since 2025-12-15 is a secured note on Treasuries or a note tracking iShares Short Treasury Bond ETF shares; the claim model is then re-read
- ondo.finance/usdy still says ”Issuer Domicile United States” while every legal notice names a British Virgin Islands issuer; the file is reopened when Ondo corrects either statement
- A holding period returns for new mints, or USDYc supply on Ethereum rises above zero (it read 0 on 2026-09-23)
- A blocklist contract, proxy admin, or implementation changes on any chain, or Solana freeze authority 51QVCuHfL1FeNjd8BDeffCKhCcAYoULnVB3yjNhShiuK changes
- A missed redemption, an Event of Default notice from Ankura Trust, or a collateralization ratio below 100% on the ondo.finance/usdy portfolio table (106.49% on 2026-09-21)
- Ondo publishes an XRP Ledger USDY address (the basics page names XRP for minting but the address list has none), or adds or drops a chain on docs.ondo.finance/addresses
Reopen conditions: events that change an answer above
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote, since a fund of this kind accrues a few basis points a day. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
Sources
- Ondo docs: USDY Basics · primary · accessed 2026-09-23
Supports: issuer change to Ondo Global Markets (BVI) on 2025-12-15, backing varies by issuance date, USD redemption only to non-US banks, $5,000 minimum on Sui, Aptos, Stellar, XRP, Noble, Tempo, rUSDY wrapper - Ondo docs: USDY eligibility · primary · accessed 2026-09-23
Supports: US persons prohibited under Rule 902, prohibited and restricted jurisdictions, issuer KYC criteria - Ondo docs: USDY important notes · primary · accessed 2026-09-23
Supports: not registered under the 1933 Act, issuer is Ondo Global Markets (BVI) Limited, no right to receive Treasuries - Ondo docs: USDY comparison to stablecoins · primary · accessed 2026-09-23
Supports: tokenized secured note, bearer transfer without onboarding, security interest, Ankura Trust as collateral and verification agent, Event of Default on missed redemption - Ondo docs: smart contract addresses · primary · accessed 2026-09-23
Supports: USDY, rUSDY, mUSD, USDYc contract identities on 12 chains, blocklist contracts, USDY_InstantManager, redemption accounts - Ondo docs: USDY on Mantle integration guidelines · primary · accessed 2026-09-23
Supports: blocklist gates holding and transfer, upgradeable proxy, mUSD shares USDY transfer restrictions - Ondo docs: USDY_InstantManager integration · primary · accessed 2026-09-23
Supports: OndoIDRegistry required to mint or redeem, rate limits and USD minimum, RWADynamicOracle price - Ondo: USDY product page · primary · accessed 2026-09-23
Supports: non-US individuals and institutions, Regulation S bearer note, portfolio table as of 2026-09-21, 24/7 mint and redeem, APY set monthly, network list - Ondo docs: Trust & Security (Ondo USDY LLC) · primary · accessed 2026-09-23
Supports: legacy issuer Ondo USDY LLC, Regulation S, FinCEN money services business - Ondo docs: Ondo Stocks legal and regulatory · primary · accessed 2026-09-23
Supports: Ondo Global Markets (BVI) Limited ownership 90.01% Flux Finance, 9.99% Ondo Finance, Regulation S only, Swiss-law Sales Terms - Ondo FAQ: USDY investing and redeeming (Wayback capture 2026-03-01; live page now 404) · primary · accessed 2026-09-23
Supports: 40 to 50 day Restricted Period, Temporary Global Certificate, $500 minimum, five business day redemption - Ondo FAQ: USDYc (Wayback capture 2024-08-04) · primary · accessed 2026-09-23
Supports: USDYc represents the Temporary Global Certificate during the Restricted Period - Blockscout: USDY, rUSDY, USDYc token records on Ethereum · primary · accessed 2026-09-23
Supports: USDYc total supply 0 on 2026-09-23, USDY 1,236 holders, rUSDY 211 holders