Ondo U.S. Dollar Yield

Ondo U.S. Dollar Yield Token (USDY) is a tokenized yield-bearing note issued by Ondo that provides eligible non-U.S. investors with on-chain exposure to U.S. dollar-denominated yield. USDY is designed to combine blockchain-based transferability with economic exposure to short-term U.S. dollar assets, including U.S. Treasuries, Treasury-related instruments, and/or bank demand deposits, depending on the applicable issuance structure. USDY is not a traditional payment stablecoin, bank deposit, money-market fund share, or direct ownership interest in U.S. Treasury securities. For DORRS classification purposes, USDY should be treated as an issuer-administered tokenized real-world asset and yield-bearing note, with compliance controls, transfer restrictions, minting and redemption procedures, and supported network deployments governed by Ondo’s issuer framework.