ONCHAINBENCHMARKTerminal
Coverage/OUSG
Log in
OverviewResearch→

Indexes

RWA QualityStablecoin HealthLiquidity Depth

Data

RWA Tracked Capital

API Keys

API Keys

Site ↗

Methodology ↗Coverage ↗Issuers ↗Pipeline ↗
OUSGTokenized U.S. Treasuries·Ondo Finance·LiveAs of Jul 7, 2026

Ondo Short-Term U.S. Government Bond Fund

Tokenized share of an actively-managed short-term U.S. Treasury fund.

Verified Capital Trust Rating
70/ 100
Institutional-grade+15 to Verified Capital (≥85)-14 pts / 30d

Deployment

Supply scope: Ethereum only — Mantle and XRPL not yet tracked

ETHEthereum
View on explorer →

0x1B19C19393e2d034D8Ff31ff34c81252FcBbee92

Note: Mantle and XRPL deployments are known but not yet catalogued in this registry.

OCB — 01·Rating breakdown
Methodology v1.1 · Jul 7, 2026

OUSG across four dimensions

Disclosure19 / 25
Liquidity19 / 25
Structure24 / 25
ConcentrationLIMITING9 / 25
Gap to Verified Capital (≥85)+15

Signal readings

Yield-claim delta
25 bps
Attestation age
5 d
Attestations / 180d
265
DEX liquidity
$0.00
Outstanding supply
$180.42M
Liquidity / supply
0.000%
Top-10 holder pct
71.2%
OCB — 02·Outstanding supply
$180.42M

OUSG supply over time

Supply scope: Ethereum only — Mantle and XRPL not yet tracked

OUSG · Ondo Finance

Outstanding supply (USD)

OUSG outstanding supply is $180.42M as of Jul 7, 2026. -21.4% over the prior 30 days. (Ethereum only — Mantle and XRPL not yet tracked.)

ONCHAIN
BENCHMARK
$0$160.38M$320.76M$481.14M$641.52M$801.9M$180.42MUSDFEB 23SEP 23APR 24NOV 24JUN 25JAN 26JUL 26
Source: OCB · OUSG · onchainbenchmark.comUpdated daily
OCB — 03·Rating history
69 readings

OUSG trust rating since coverage began

OUSG · Verified Capital Trust Rating

Composite rating (0–100)

OUSG rating is 70 as of Jul 7, 2026. -14 points over the prior 30 days.

ONCHAIN
BENCHMARK
02040608010070TRUST SCORE 0–100MAY 26JUN 26JUL 26
Source: OCB Trust Ratings · OUSG · onchainbenchmark.comUpdated daily
OCB — 04·Coverage gaps + diligence

What closes the gap — and who closes it

Full verification runbook →
Redemption Liquidity
Gap· protocol nature

OUSG redeems through Ondo authorized channels, not DEX trading. The Liquidity rubric (DEX depth vs supply) does not apply cleanly to this instrument type.

What would close it

A liquidity rubric tailored to authorized-redemption funds — depth of authorized off-chain redemption channels rather than DEX depth.

Disclosure Quality — issuer disclosure· 2 findings
governance findingOndo OUSG Admin Safe95% confidence

  • ·DEFAULT_ADMIN_ROLE holder is a Gnosis Safe 4-of-7 (Safe: Singleton 1.3.0).
  • ·7 owners verified.
  • ·Owners: 0x74a4C329...4C632173D, 0x189D409b...FE9457607, 0xECE6bC29...4737e5d0, 0x60F030d6...e2D95FB02, 0xaA1E4eef...A4B092f8e, 0x020679fF...7c1beD241, 0x6A95a204...E85594f46.
  • ·5 of 7 owners match USDY Safe — same Ondo keyholder set, separate Safe instance.

Score impact: governance sub-signal: 10/10 (multisig ≥3-of-n). upgrade_pattern uups: 3/15. Total governance: 13/25.

Verified Jun 1, 2026· Etherscan address page — Smart Account by Safe label. Owners tab + getThreshold() = 4.· View source ↗
attestation sourceOndo OUSG attestation portal (live)95% confidence
https://app.ondo.finance/legal-documentation/us
  • ·Balance-sheet and account-statement PDFs embedded in Next.js RSC streaming payload.
  • ·Machine-fetchable via RSC:1 header.
  • ·93 reports ingested over 6-month smoke test — 100% match rate.

Score impact: attestationFreshness: LIVE. disclosure_consistency → 25/25 (≥6 reports in 180d).

Verified May 31, 2026· Sarah inspected Chrome DevTools — RSC payload at 2:["$","$Ld",null,{"reports":[...]}] line. _rsc param is a cache-buster, not a session token.· View source ↗
Holder Concentration· 5 findings
address exclusionOndo Finance OUSG protocol address (rank 1, 41.04%)95% confidence

  • ·EOA.
  • ·Etherscan labels the outgoing tx destination as "Ondo Finance: OUSG Token".
  • ·Funded from another labeled Ondo address (0x06F38733...6f937ceE8) 2 years ago.
  • ·446 protocol transactions.

Score impact: Excluded from top-10 concentration calc.

Verified Jun 1, 2026· Etherscan address page — Ondo label chain on outgoing txns + funding provenance from labeled Ondo address.· View source ↗
address exclusionOndo OUSG protocol multisig (rank 3, 16.37%)95% confidence

Gnosis SafeProxy source verified on Etherscan Contract tab. Protocol-controlled multisig holding 16.37% of OUSG supply.

Score impact: Excluded from top-10 concentration calc.

Verified Jun 1, 2026· Etherscan Contract tab — SafeProxy source verified.· View source ↗
address exclusionOndo OUSG GnosisSafeProxyFactory (rank 4, 7.96%)95% confidence

GnosisSafeProxyFactory contract — source verified on Etherscan Contract tab. Infrastructure contract; not a holder in any economic sense.

Score impact: Excluded from top-10 concentration calc.

Verified Jun 1, 2026· Etherscan Contract tab — GnosisSafeProxyFactory source verified.· View source ↗
address exclusionOndo OUSG protocol multisig (rank 5, 7.07%)95% confidence

Gnosis SafeProxy source verified on Etherscan Contract tab. Protocol-controlled multisig holding 7.07% of OUSG supply.

Score impact: Excluded from top-10 concentration calc.

Verified Jun 1, 2026· Etherscan Contract tab — SafeProxy source verified.· View source ↗
holder investigationOUSG rank-2 holder (19.01% of supply)80% confidence

  • ·EOA, no Etherscan label, no Contract tab.
  • ·1,038 transactions, $69M position across 47 tokens.
  • ·Token transfer history shows regular Subscribe (mint from null) and Redeem (burn to Ondo Finance: OUSG In...) pattern — consistent with active institutional cash-management position, not protocol infrastructure.

Score impact: Kept in concentration calc. 19% real institutional concentration is accurate and should be reflected in the score. Post-exclusion top-10 ≈ 19% → 25/25.

Verified Jun 1, 2026· Etherscan token transfer tab — Subscribe/Redeem pattern across 1,038 txns.· View source ↗
OCB — 05·Anomaly history

Resolved anomalies

Jul 3, 2026

→ Jul 3, 2026

score drophighresolved

Total trust score dropped 14pts (84 → 70, band: rated)

Jun 23, 2026

→ Jun 24, 2026

score dropmediumresolved

Total trust score dropped 7pts (84 → 77, band: rated)

Jun 11, 2026

→ Jun 11, 2026

oracle freezemediumresolved

Oracle price unchanged for 24h (value: 115527498000000000000, delta: 0.92bps).

Jun 9, 2026

→ Jun 9, 2026

score drophighresolved

Total trust score dropped 20pts (82 → 62, band: limited)

Jun 6, 2026

→ Jun 7, 2026

score dropmediumresolved

Total trust score dropped 7pts (72 → 65, band: verified)

May 30, 2026

→ Jun 6, 2026

large redemptionhighresolved

Net outflow of $219.8M (89.7% of outstanding supply)

Methodology

OUSG is scored across the same four dimensions as every other rated instrument — Disclosure Quality, Redemption Liquidity, Structural Trust, and Holder Concentration. Each dimension contributes up to 25 points. The dimension breakdown above shows where the score comes from; the diligence trail shows every verified fact behind it.

Read the full methodology →
OnChain Benchmark
HomeIndexInstrumentsMethodologySubmit for inclusion
Independent · Not investment advice
IndexesInstrumentsDataResearchAPI Keys