Ondo's Treasury Tokens Are Everywhere. Check What Is Inside Them.

Ondo now runs one of the largest tokenized Treasury businesses, across a dozen blockchains. Its two main products are built differently, and one holds mostly another tokenized fund. Knowing which layer you own is the whole game.

May 20252 min readMarket News

Updated September 2026 with Ondo's current products and sizes.

Ondo Finance has kept spreading its tokenized Treasury products to new blockchains, and it is now one of the largest tokenization businesses there is. Ondo says it passed $2.5 billion in total value locked, and later market trackers put it at about $3.5 billion. (Ondo, Coinpaprika) More chains means more places the tokens can be used. It does not change what the tokens are, and Ondo's two main products are built quite differently.

Two products, two different things

OUSG is for qualified purchasers, a high US wealth threshold. As of September 2026 it held about $334 million, and most of what it holds is BlackRock's own tokenized fund, BUIDL. It runs on Ethereum, Mantle and Polygon. (Eco)

USDY is aimed at a wider, non-US audience. It is a token backed by short-term Treasuries and bank deposits that pays interest to whoever holds it, and it is the most widely spread tokenized Treasury product by network, live on chains including Ethereum, Solana, Mantle, Sui and Aptos. (Eco, Ondo)

Two stacks side by side. OUSG: you hold OUSG, which holds mostly BUIDL, BlackRock's tokenized fund, which holds US Treasury bills and cash. That is two fund layers between you and the Treasury. USDY: you hold USDY, backed by short-term Treasuries and bank deposits held for the product. One layer. — The same promise, "tokenized Treasuries", with a different number of layers. Each layer is another manager, another set of fees and another set of terms.

Why the layers matter

A fund that holds another fund is not unusual in traditional finance. But each layer adds a party you depend on, fees that come out of your yield, and terms that decide how fast you can get your money back. If you own OUSG, the terms of BUIDL matter to you too, even though you never signed them.

The spread across chains adds its own layer. A token that exists on twelve networks usually moves between them through bridges or issuer-run mechanisms, and each of those is another thing that has to work.

Four questions to ask about any tokenized Treasury product. What does the token hold directly? Who can buy it, and is your country excluded? How do you redeem, how fast, and at what cost? On the chain you use, how did the token get there: native issuance or a bridge? — Four checks that matter more than which chain a product is on.

What we do not know yet

Ondo's figures move quickly, and published numbers for USDY range widely depending on the date and the source, so we have not quoted one here. We could not find a single, audited figure for how much of each product sits on each chain. If you are relying on a specific chain's version, check the issuer's own attestation for it.

Sources

Ondo Finance, "Ondo becomes the largest provider of both tokenized Treasuries and stocks". Link
Coinpaprika, "Ondo Finance: tokenized Treasuries leader". Link
Eco, "OUSG Deep Dive 2026". Link
Eco, "Ondo USDY: Tokenized Treasuries Explained". Link
Ondo Finance, USDY product page. Link

TokenCrib is an information service, not investment advice.