OCB Reference/Diligence
Who holds USDY, and how concentrated is it?
Ondo's tokenized US Treasury yield token is held by a wide onchain base — but its supply is still top-heavy. Here is USDY's top-holder concentration, read live against its real float.
OnChain Benchmark · Reference · figures update live
USDY — Ondo Finance's tokenized note earning yield from short-term US Treasuries and bank deposits — is held by a wide onchain base: over a thousand wallets hold it on its primary chain, far more like a retail asset than the near-single-holder wholesale funds. Yet its supply is still top-heavy— the ten largest wallets control most of it. That is the distinction this page draws: broad ownership and high concentration are not opposites, and USDY has both. What matters isn't the raw holder count but the concentration — how much of the circulating supply the largest wallets hold, measured against free float with issuer and custody wallets excluded. The live figure below is read from current onchain data.
USDY is designed to be held, not traded: an accumulating token whose price rises as the underlying Treasuries and deposits earn yield, redeemable directly with the issuer. That draws a wider set of holders than a pure wholesale fund — many wallets park dollars in it for the yield. Asking “who holds it” is really asking about concentration: a broad holder base can still sit under a small number of dominant wallets, and for USDY it does.
How concentrated is USDY's ownership?
The measure that matters is the share of circulating supply held by the largest wallets — the top-10 holder concentration. We measure it against free float(supply held outside the issuer's own and custody wallets) so a single custody address doesn't distort the figure. Read live now:
Share held by the 10 largest wallets · protocol addresses excluded · primary chain
That is a middle reading for this series — well below the near-single-holder wholesale funds like USYC, and well above broadly-held tokenized gold like PAXG. It reflects USDY's shape: a genuinely distributed retail base — over a thousand wallets on its primary chain — whose supply is nonetheless led by a handful of large positions. The exhibit above is measured on USDY's primary chain, as its footnote says. USDY also trades on several other chains, but the primary chain carries the large majority of both supply and holders, so measuring it is representative of the whole fund rather than a single-chain slice.
Why is USDY held this way?
It is a yield-bearing cash instrument aimed at non-US holders who want dollar exposure that earns — so the natural user ranges from an individual parking savings to a large allocator using it as onchain collateral. That mix produces exactly the pattern the data shows: a long tail of smaller holders under a top-heavy set of large ones. Concentration on its own is not a defect — it is how the instrument is used. What it means is that while USDY is broadly owned, its onchain behavior still tracks what a small number of large holders do.
How does USDY compare to other tokenized treasuries?
The wholesale tokenized Treasury funds cluster at the high-concentration end; USDY sits below them, closer to the middle, because its retail-facing design pulls in a wider base than a fund minted and redeemed only by large institutions. Seeing it next to its peers is the useful view — the full ranking is in how concentrated tokenized-treasury ownership is, and USDY's own overall score is on its quality rating page — where concentration is one of four scored dimensions, not the whole verdict.
- Who holds USDY?
- USDY — Ondo Finance's tokenized note earning yield from short-term US Treasuries and bank deposits — is held by a wide onchain base of over a thousand wallets on its primary chain, more like a retail asset than the wholesale tokenized Treasury funds. But its supply is still top-heavy: the ten largest wallets hold most of it. Both things are true, which is why the concentration figure, not the holder count, is the useful measure.
- How concentrated is USDY?
- Concentration is measured as the top-10 holder share of circulating supply, against free float (excluding the issuer's own and custody wallets). The live figure is shown on this page and read from current onchain data. USDY's concentration is a middle reading for this series — lower than near-single-holder wholesale funds like USYC, higher than broadly-held tokenized gold like PAXG.
- Does measuring only the primary chain understate USDY's concentration?
- No. USDY is deployed on several chains, but its primary chain (Ethereum) carries the large majority of both circulating supply and holders. The live exhibit is measured there, and because the other legs are small they do not overturn the figure — combining the chains lands in a similar place. The number reflects how the fund is held, not which chain was measured.
- Why measure concentration instead of the number of holders?
- A raw holder count is easy to misread — it can be inflated by dust wallets or deflated by institutional use. Concentration answers what a holder actually cares about: if the largest holders exit, how much of the fund moves. USDY is a useful case because it shows the two can diverge — a broad holder base sitting under a top-heavy supply. It is one of the four dimensions of USDY's quality rating.
- Is USDY safe to hold given its concentration?
- Concentration is one input, not the whole answer. USDY's overall quality rating also weighs disclosure, redemption liquidity, and structure — it is an accumulating token backed by short-term Treasuries and bank deposits with direct issuer redemption. A broadly-held but top-heavy fund is more exposed to its largest holders than a widely-distributed one, but less than a single-holder fund. The full rating is what tells you how sound it is; concentration tells you how much a few large holders move the picture.
Last reviewed Sep 24, 2026 · figures read live