USDY
Ondo Finance · Tokenized yield note (T-bill backed) · Multichain · as of 2026-07-11
Yield-bearing token structured as a note against T-bills and bank deposits with a bankruptcy-remote issuer. Strong structure for the class; exit is the weak pillar — redemption windows and transfer restrictions, not instant liquidity.
B+
77.2
draftconf medium
Haircut: 12.5%
base 10% (B+) x 1.25 (medium confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves85 · 25%
Short Treasuries + demand deposits, overcollateralization buffer, published portfolio reporting. [1]
Redemption & exit66 · 20%
Redemption through issuer with notice periods; not a demand instrument. Secondary depth moderate. [1]
Counterparty & custody80 · 15%
Bankruptcy-remote SPV, named custodians/banks; standard RWA bank-channel exposure. [1]
Peg & market infrastructure75 · 15%
Accruing-price token; venues generally track NAV, limited hardcoding observed. [1]
What would change this grade: Verified instant-redemption facility at scale would raise Redemption; any commingling finding would collapse the grade.
Live price
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Model signals
Not yet computedThe quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.
Evidence appendix
As of 2026-07-11 · Methodology v0.2.1