USDY — Verification Runbook
Instrument: Ondo U.S. Dollar Yield Issuer: Ondo Finance Asset class: Treasury (tokenized yield-bearing fund) Last verified: 2026-06-02 Status: Live on Ethereum. Composite score 66/100 (closest to clearing the 60 threshold; Transparency is the gating dimension)
This is the canonical record of how we verified USDY. Captures address provenance, scoring evidence sources, gap attribution per dimension, and what's pending.
1. Address provenance
Ethereum
- Contract:
0x96F6eF951840721AdBF46Ac996b59E0235CB985C(USDY token) - Price oracle:
0xA0219AA5B31e65Bc920B5b6DFb8EdF0988121De0(Redemption Price Oracle,getPrice()returns 18-decimal USD) - Verification: Verified contract on Etherscan, oracle reads at ~$1.134 (consistent with accumulating yield). Deployer addresses trace to Ondo Finance operational keys.
- Governance: DEFAULT_ADMIN_ROLE →
0x1a694A09494E214a3Be3652e4B343B7B81A73ad7is a 4-of-7 Gnosis Safe (Singleton 1.3.0). Verified 2026-06-01. Seven owner addresses on file (seedocs/data-gaps.md); five of them overlap with the OUSG Safe — same keyholder set, distinct Safe instances. - Confidence: ≥98%
USDY is single-chain today (Ethereum only). Multi-chain expansion is not in current launch scope; if Ondo deploys USDY to another chain, add a deployment row in lib/instruments.ts and an entry here.
2. Scoring evidence
Yield Accuracy — 25/25
- Approach: USDY uses an accumulating-price oracle. Yield is the change in
getPrice()over time. - Source for published rate: Ondo posts the USDY yield daily through their app and documentation.
- Computation:
lib/jobs/runNormalization.tsderives the on-chain annualized rate from oracle reads; compared to the published rate, delta = ~3-5 bps over the observation window. - Score: 25/25. The structurally hardest dimension to score well, and USDY clears it.
Liquidity — 6/25
- Approach: market liquidity in DEX pools relative to outstanding supply.
- Score: Low. USDY is not DEX-traded by design — redemption happens through Ondo authorized channels.
- Gap:
protocol_nature. Rubric doesn't apply cleanly to peg-NAV funds. Methodology v2.x revision.
Transparency — 10/25
- Approach: four sub-signals (attestationFreshness, disclosureConsistency, regulatoryStanding, governanceQuality), each equal-weight.
- attestationFreshness: Ankura Trust is the official Verification Agent for USDY and publishes daily + monthly reserve reports. The URLs documented by Ondo resolve to a private Google Drive requiring access request. Not machine-fetchable.
- disclosureConsistency: Strong on Ondo's own documentation side; weakened by the attestation gap.
- regulatoryStanding: Cayman-domiciled, well-documented governance. Solid.
- governanceQuality: 4-of-7 multisig with timelock — strong.
- Score: 10/25 reflects the Ankura blocker. This is the single biggest score lift available to USDY.
Concentration — 25/25
- Approach: top-10 holders excluding documented protocol addresses.
- Score: 25/25. Healthy distribution. Top holders are documented protocol/custody addresses excluded via
address_registry.
3. Gap attribution
| Dimension | Score | Gap | What would close it | If closed |
|---|---|---|---|---|
| Liquidity | 6/25 | protocol_nature | Methodology v2.x: peg-NAV liquidity rubric | — (methodology) |
| Transparency | 10/25 | issuer_undisclosed — Ankura reports behind private Drive | Ankura publishes reserve reports at a stable public URL (Ondo already does this for OUSG) | 78-81 composite, peer OUSG |
The Transparency gap is the closest near-term lift for USDY. The data exists daily — only the publication channel is blocked. One issuer request away.
4. Pending items
- Daily Ankura attestation feed via public URL. Open request to Ondo / Ankura Trust. Track response in
verification_log(post-launch Pivot 7 Option A). - Peg-NAV liquidity rubric. Methodology v2.x. Same gap applies across USDY, OUSG, BUIDL, USYC, BENJI.
5. Change log
- 2026-06-02: First runbook draft. Gap attribution backfilled into
scoring_evidencevia migration 0048.