One Afternoon, a Fifth of a Chain's Supply: US$46 Million of Ondo's OUSG Moved off Ethereum on June 22.
On June 22, two addresses sent 399,609 OUSG to a third address, which burned them about five hours later. That was roughly US$46 million, or 21% of the fund's supply on Ethereum, and every step settled in public onchain.
- On June 22, 2026, about US$46 million of Ondo's OUSG moved off Ethereum in a single afternoon: 399,609 tokens, about 21% of the fund's supply on that chain. see data →
- Two addresses sent 92,395 and 307,213 OUSG to a third address at 14:15 and 14:16 UTC, and that address burned all 399,609 tokens at 19:29 UTC.
- In mid-July 2026, Ethereum carried about 46% of the OUSG supply read onchain and the XRP Ledger about 54%.
Revised October 5, 2026: figures corrected.
Tokenized Treasury funds hold short-dated government paper, settle onchain in minutes, and can be watched as they work. On June 22, one afternoon showed what that means for Ondo's OUSG.
At 14:15 UTC, one address sent 92,395 OUSG to a third address. A minute later, at 14:16 UTC, a second address sent it 307,213 more. At 19:29 UTC, the receiving address sent all 399,609 tokens to the burn address. At OUSG's net asset value of US$115.61 that day, the tokens were worth about US$46 million.
The burn shows up exactly in OUSG's Ethereum supply, which fell from 1,898,813 tokens that morning to 1,499,205 the next day. That is a 21% reduction, from about US$220 million to about US$173 million. The fund's net asset value held through the move, and every step is accounted for onchain.
Redeemed or moved, the ledger shows the size
A burn on Ethereum cannot tell us where the value went next. The tokens may have been redeemed for cash, or they may have moved to the XRP Ledger, the other chain OUSG runs on. We make no claim either way. What the ledger does show is the size and timing, to the token: a fifth of the fund's Ethereum supply left that chain in about five hours.
On our data date of July 12, OUSG's Ethereum supply was 1,605,439 tokens, worth US$185,989,058 at that day's net asset value. Our first XRP Ledger reading, the next morning, put 1,917,048 tokens there. In mid-July, Ethereum carried about 46% of the OUSG supply we read and the XRP Ledger about 54%.
What the ledger makes legible
In a traditional money-market fund, a 21% move in one share class would surface weeks later, if at all, inside an aggregate flow number. Here it settled in public in an afternoon, traceable address to address. That is the tokenized format's real advantage over the funds it modernizes: anyone can observe the flows as they happen, rather than reading about them in a quarterly disclosure.
On Jun 22, 2026, 0x9c0dc6… sent 92,395.43 OUSG (14:15 UTC) and 0xc78c58… sent 307,213.30 OUSG (14:16 UTC) to 0x72be8c…, which sent 399,608.73 OUSG to the zero address at 19:29 UTC. Ethereum supply fell from 1,898,813 to 1,499,205 tokens, a 21.0% reduction, about US$46M at OUSG's US$115.61 NAV. Whether the tokens were redeemed for cash or moved to another OUSG chain cannot be told from the burn alone, and no claim is made either way.
Verified Jul 12, 2026 · onchainbenchmark.com/instruments/ousgThe Jun 22 move and supply figures are OUSG on Ethereum. Ethereum supply on Jul 12 was 1,605,439 tokens (US$185,989,058). Our first XRP Ledger reading, on Jul 13, was 1,917,048 tokens, so in mid-July Ethereum carried about 46% of the OUSG supply we read. None of these figures is Ondo's total AUM.
Coverage notes · onchainbenchmark.com/ratings- What happened to OUSG on Ethereum on June 22, 2026?
- Two addresses sent 399,609 OUSG to a third address, which burned them at 19:29 UTC. Ethereum supply fell from 1,898,813 to 1,499,205 tokens, a 21% reduction worth about US$46 million at the fund's US$115.61 net asset value. The burn alone does not show whether the tokens were redeemed for cash or moved to the XRP Ledger.
- Why can you see large moves in tokenized Treasuries?
- Tokenized Treasuries settle on public blockchains, so large transfers, mints and burns are visible onchain as they happen. About a fifth of a fund's supply on one chain moving in an afternoon can be observed in real time, by anyone.