OCB — Quality Rating · Tokenized treasuries
USDY Quality Rating
USDY (Ondo Finance) scores 62/100 on OnChain Benchmark's RWA Quality Rating — rated Developing (methodology v1.6, as of Oct 11, 2026).
Latest onchain read Oct 11, 2026
Updated daily
Quality score
62
of 100 · Developing
Dimensions measured
4
of 4
Outstanding supply
$2.22B
as of Oct 11, 2026
Chains
8
with measured supply
Why USDY scores 62
The biggest gap in USDY's score is how concentrated its ownership is.
Each dimension's score is multiplied by its weight and summed: 61.50 of a possible 100, rounded to 62.
Composite
62 / 100
| Dimension | Score |
|---|---|
Holder Concentration Ownership is concentrated: the top 10 holders across eight of its eleven chains own 67.6% of the free float on those chains. Upgrade factorA wider holder base, with the top 10 owning 65% or less (14 of 25). | 9 / 25 |
Structural Trust The top regulatory standing needs SEC registration with a PCAOB-registered auditor. Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. Upgrade factorOversight by a major regulator with a recent audit. | 16 / 25 |
Redemption Liquidity Retail investors can redeem, with some friction, and onchain liquidity is under 0.1% of supply. Upgrade factorEasy redemption for retail investors (25). | 22 / 25 |
Disclosure Quality Disclosure is current and regular, but it's voluntary rather than required by a regulator. Upgrade factorHoldings reporting required by a regulator. | 19 / 25 |
OCB Instrument
Outstanding supply
OCB Instrument
Rating history
Key facts
Issuer, rubric and methodology
- Issuer
- Ondo Finance
- Asset class
- Tokenized treasuries
- Rubric
- RWA Quality Rating
- Methodology
- v1.6
- Last scored
- Oct 11, 2026
- What it is
- Yield-bearing token backed by short-term U.S. Treasuries and bank deposits.
Chains
Share of measured supply by chain
With measured supply
8
| Chain | Share of measured supply |
|---|---|
| Ethereum | 55.2% |
| Stellar | 24.2% |
| Sei | 11.7% |
| Solana | 8.1% |
| Sui | 0.6% |
| Arbitrum | 0.1% |
| Mantle | <0.1% |
| Noble | <0.1% |
Supply scope: All chains covered — Ethereum, Stellar, Solana, Arbitrum, Sei, Mantle, Sui, Noble.
Evidence
Verified facts behind the rating
A sample of the verified facts behind USDY’s score. The full diligence trail is in the terminal.
Facts shown
6
| Dimension | Finding | Verified |
|---|---|---|
| Disclosure Quality | Reserve reports for this fund are prepared by Ankura Trust Company as Verification Agent and published at a public issuer-hosted URL. | Sep 14, 2026 |
| Holder Concentration | Multi-signature wallet contract source is publicly verified. Protocol-controlled multi-signature wallet holding 33.97% of USDY supply. | Jun 1, 2026 |
| Holder Concentration | Multi-signature wallet contract source is publicly verified. Protocol-controlled multi-signature wallet holding 12.09% of USDY supply. | Jun 1, 2026 |
| Holder Concentration | Multi-signature wallet contract source is publicly verified — using the standard multi-signature wallet code. Protocol-controlled multi-signature wallet holding 40.82% of USDY supply. | Jun 1, 2026 |
| Holder Concentration | Multi-signature wallet contract source is publicly verified. Protocol-controlled multi-signature wallet holding 10.48% of USDY supply. | Jun 1, 2026 |
| Disclosure Quality | The contract's admin is a multi-signature wallet 4-of-7 (a standard multi-signature wallet). 7 owners verified on-chain + requiring 4 signatures. Owners: 0x58417F57...4B1f41504, 0x189D409b...FE9457607, 0x60F030d6...e2D95FB02, 0xaA1E4eef...A4B092f8e, 0x74a4C329...4C632173D, 0x020679fF...7c1beD241, 0x6A95a204...E85594f46. 5 of 7 keyholders overlap with OUSG Safe — same Ondo keyholder set, separate Safe instance. | Jun 1, 2026 |
Cite this rating
Reference USDY’s rating
Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.
OnChain Benchmark (2026). USDY Quality Rating: 62/100 (Developing), as of Oct 11, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/usdy
OnChain Benchmark (2026) 'USDY Quality Rating', OnChain Benchmark, Developing, 62/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/usdy (Accessed: Oct 11, 2026).
@misc{ocb_usdy_2026,
author = {{OnChain Benchmark}},
title = {{USDY Quality Rating}},
year = {2026},
note = {62/100, Developing, methodology v1.6},
url = {https://onchainbenchmark.com/instruments/usdy}
}The interactive terminal shows every verified fact behind USDY's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.