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Methodology/Verification/OUSG

OCB — Verification Runbook

OUSG

Ondo Finance

Publishedonchainbenchmark.com·Methodology →
—Overview
01The Rubric
02The Pipeline
03Change Log
04Reproduce
05Coverage
06Citations

OUSG — Verification Runbook

Instrument: Ondo Short-Term U.S. Government Bond Fund Issuer: Ondo Finance Asset class: Treasury (NAV-accumulating fund) Last verified: 2026-06-02 Status: Live on Ethereum. Composite score 77/100 — clears the 60 threshold; full-disclosure tier. The benchmark example: the only major institutional issuer in our coverage that publishes daily machine-readable attestation.

1. Address provenance

Ethereum

  • Contract: 0x1B19C19393e2d034D8Ff31ff34c81252FcBbee92 (OUSG token)
  • Price oracle: 0x9Cad45a8BF0Ed41Ff33074449B357C7a1fAb4094 (OndoOracle, getAssetPrice(token) returns 18-decimal USD)
  • Verification: Verified contract on Etherscan, oracle reads at ~$115.39 (NAV-accumulating from inception). Deployer addresses match Ondo operational keys.
  • Governance: DEFAULT_ADMIN_ROLE → 0xAEd4caF2E535D964165B4392342F71bac77e8367 is a 4-of-7 Gnosis Safe (Singleton 1.3.0). Verified 2026-06-01. Five of the seven owner addresses overlap with the USDY Safe — same Ondo keyholder set, distinct Safe instances.
  • Confidence: ≥98%

OUSG is single-chain today (Ethereum only). Multi-chain expansion is not in current launch scope.

2. Scoring evidence

Yield Accuracy — 22/25

  • Approach: OUSG is NAV-accumulating; yield is the change in getAssetPrice() over time.
  • Source for published rate: Ondo's daily-published rate (via RSC payload).
  • Score: 22/25. Small delta vs published rate — within the rubric's high band.

Liquidity — 8/25

  • Approach: market liquidity in DEX pools relative to outstanding supply.
  • Score: Low. OUSG redemption is permissioned through Ondo authorized channels, not DEX.
  • Gap: protocol_nature. Same as USDY/BUIDL/USYC/BENJI — the rubric doesn't apply cleanly to peg-NAV funds. Methodology v2.x revision.

Transparency — 22/25

  • Approach: four sub-signals.
  • attestationFreshness: OUSG publishes daily reserve reports via an RSC payload at `app.ondo.finance/legal-documentation/us?month=YYYY-MM`. Fetcher: lib/jobs/collectAttestations.ts::fetchOndoOusgReports. Smoke-tested 2026-05-31 over 6 months — 93 reports / 186 doc candidates ingested.
  • disclosureConsistency: ≥6 reports in 180d → 25/25 sub-signal maxed.
  • regulatoryStanding: Cayman-domiciled, strong governance.
  • governanceQuality: 4-of-7 multisig — strong.
  • Score: 22/25. OUSG is the peer benchmark we point USDY, BENJI, USYC, BUIDL, and XAUT at.

Concentration — 25/25

  • Approach: top-10 holders excluding documented protocol addresses.
  • Score: 25/25. Well-distributed.

3. Gap attribution

DimensionScoreGapWhat would close itIf closed
Liquidity8/25protocol_natureMethodology v2.x: peg-NAV liquidity rubric— (methodology)

OUSG clears every issuer-side gap. The remaining points-loss is the Liquidity rubric mismatch, which is on OCB's side to fix in methodology v2.x.

4. What OUSG demonstrates

OUSG is the proof that our scoring works fairly when an issuer publishes what's needed. The Ondo / Ankura mechanism for OUSG is the template every other Treasury issuer could adopt:

  1. A public URL with daily attestation
  2. Machine-readable payload (RSC works fine; JSON would be easier)
  3. Per-report doc URLs for balance sheets and account statements

The Transparency lift available to USDY (10 → ~25), BENJI (16 → ~25), USYC (0 → ~22), and BUIDL (8 → ~22) is each one OUSG-style feed away.

5. Pending items

  • Peg-NAV liquidity rubric. Methodology v2.x. Same as the other peg-NAV funds.

6. Change log

  • 2026-06-02: First runbook draft. Gap attribution backfilled into scoring_evidence via migration 0048.
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