Algorithmic / under-collateralized stablecoin
Ondo Finance's assessment for RD-F-069 — scored green on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
USDY is NOT an algorithmic or under-collateralized stablecoin. It is a yield-bearing note backed 103% by physical assets (bank deposits ~65% + short-term US Treasuries ~35% + 3% overcollateralization buffer). OUSG is fully backed by BlackRock BUIDL (T-bill money market fund). Neither product uses algorithmic stabilization mechanisms. Ondo Global Markets tokens are fully synthetic/collateralized representations of TradFi assets.
Sources #
- EtherscanOndo OUSG TokenProxy (verified: Ondo Short-Term U.S. Government Bond Fund)https://etherscan.io/address/0x1B19C19393e2d034D8Ff31ff34c81252FcBbee92retrieved 2026-05-12
- Ondo Finance docs (verified: covers OUSG + USDY)https://docs.ondo.financeretrieved 2026-05-12
Methodology #
Classify whether the protocol is an algorithmic or under-collateralized stablecoin design per curator classification.
See the full factor methodology and distribution across all protocols →