Ondo US Dollar Yield (USDY) is a fiat-backed US dollar stablecoin issued by Ondo Finance. It has about $2.34B in circulation, ranking #11 among the stablecoins CoinScoop tracks, and runs on 15 blockchains.
USDY price
$1.1488
Accrues yield Circulating supply
$2.34B
30-day change
+4.9%
Price
$1.1488
Blockchains
15
Tracked since
Sep 2023
What is USDY?
Ondo US Dollar Yield (USDY) is a fiat-backed US dollar stablecoin issued by Ondo Finance. It has about $2.34B in circulation, ranking #11 among the stablecoins CoinScoop tracks, and runs on 15 blockchains.
USDY's price rises over time as yield accrues, so it trades above $1 by design. It is not offered to US persons.
In the issuer's words: USDY is a tokenized note secured by short-term US Treasuries and bank demand deposits, bringing institutional-grade low-risk yield to the global on-chain economy.
USDY supply history
$2.10B$0
Oct 14, 2025Oct 14, 2026
$2.10B$0
Sep 18, 2023Oct 14, 2026
USDY supply grew 4.9% over the past 30 days, to $2.34B. It is at or near its all-time high.
Is USDY holding its peg?
Last price
$1.1488
Target
1.0000 USD
Status
Accrues yieldUSDY passes yield through by raising its token price, so a value above 1.00 is by design rather than a broken peg.
Where USDY lives: supply by blockchain
USDY is spread across several networks. The largest, Ethereum, holds 53% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How USDY is backed
USDY is backed by a tokenised note secured by short-term US Treasuries and bank demand deposits.
Minting and redemption: USDY is accessible to non-US individual and institutional investors and is transferable on-chain 40-50 days after purchase. Users request to mint USDY by sending us USDC. After 40 day mint restriction is lifted it will mint USDY tokens.
USDY risks
Issuer and custody
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Freezes and blacklists
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDY vs USDT and USDC
Similar fiat-backed stablecoins
See all →
USDY in the news
JPMorgan’s JLTXX Tokenized Fund Surges 250% to $695M in One Month on Ethereum
USDY guides
- Stablecoin Yield: Live Rates and Where the Interest Comes FromLive APYs for the biggest stablecoin savings and lending products, where each rate comes from, and the risks behind yields above the Treasury-bill rate.
USDY FAQ
What is USDY?
Ondo US Dollar Yield (USDY) is a fiat-backed US dollar stablecoin issued by Ondo Finance. It has about $2.34B in circulation, ranking #11 among the stablecoins CoinScoop tracks, and runs on 15 blockchains.
Is USDY pegged 1:1 to the US dollar?
USDY targets 1 USD. At the last update it traded at $1.1488, a deviation of +14.88%, which we classify as "accrues yield". USDY passes interest through by raising its token price, so a value above 1 is expected.
What backs USDY?
USDY is a fiat-backed stablecoin. A tokenised note secured by short-term US Treasuries and bank demand deposits.
Which blockchains is USDY on?
USDY is live on 15 blockchains. The largest by supply are Ethereum ($1.09B), Stellar ($468M), Sei ($226M).
How much USDY is in circulation?
About $2.34B of USDY was in circulation at the last update, +4.9% over 30 days. That makes it the #11 stablecoin by supply among those we track.
Does USDY pay interest?
Yes. USDY's price rises over time as yield accrues, so it trades above $1 by design. It is not offered to US persons.
Is USDY safe?
No stablecoin is risk-free. As a fiat-backed design, USDY's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "accrues yield" on our peg monitor. This page is information, not investment advice.