ON
Ondo issues a family of tokenized yield-bearing products that wrap short-term U.S. Treasuries — most notably USDY (a permissionless, retail-oriented note) and OUSG (an institutional money-market token). Each represents a claim on an off-chain bond portfolio managed under regulated structures.
Ondo’s role in the RWA stack is to translate traditional fixed-income exposure into composable on-chain assets: USDY is integrated as collateral and yield primitive across multiple L1s and L2s, while OUSG serves as the institutional cash-management leg. Governance is run by ONDO holders, who steer treasury and product expansion.