Ondo Finance Review
Thirteen named auditors on tokenised Treasuries
of 10
Ondo tokenises institutional-grade products — USDY, a note secured by US Treasuries, and OUSG, a qualified-access Treasuries token — with a 0.15% management fee waived until 2027 and thirteen named audit firms. No public contract licence could be located.
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Products
USDY (note secured by US Treasuries), OUSG (Treasuries token)
OUSG management fee
0.15%, waived until 1 Jan 2027
Backing
US Treasuries
Auditors
13 named, incl. Cantina, Zellic, Spearbit, Halborn, Quantstamp, Certik
Licence
Not located
Scores
Each criterion carries equal weight. The overall score is the average of these 5 scores — (8.0 + 2.0 + 10.0 + 7.0 + 3.0) ÷ 5 = 6.0.
Pros
- Products defined plainly: USDY a tokenised note secured by US Treasuries, OUSG a Treasuries token
- OUSG management fee published at 0.15%, waived until 1 January 2027, with fund expenses capped at 0.15%
- Thirteen audit firms named including Cantina, Zellic, Spearbit, Halborn, Quantstamp and Certik
- Backing stated as US Treasuries for both products
Cons
- No official public contract licence file could be located
- USDY's fee page returned 404, so its fees could not be verified
- Whether the Treasury backing is attested on-chain is not stated
- Governance and upgradeability are not stated on the pages read
The deepest audit disclosure in this category
Ondo names thirteen audit firms — Cantina, Zellic, FYEO, Cyfrin, Spearbit, Halborn, Code4rena, Zokyo, Nethermind, ABDK, Quantstamp, Peckshield and Certik. For a protocol tokenising real-world debt, a long, named audit list is exactly the reassurance a reader needs, and it is the strongest part of the entry.
Products and fees, mostly clear
USDY is described as a tokenised note secured by US Treasuries and OUSG as a qualified-access Treasuries token. OUSG carries a 0.15% management fee, waived until 1 January 2027, with fund expenses capped at the same. USDY's dedicated fee page returned 404, so its fees could not be verified.
What is missing
No public contract licence file could be located, whether the Treasury backing is attested on-chain is not stated, and governance is not documented on the pages read. Those gaps hold the licence, backing and governance scores down and are stated rather than assumed.
Who builds it
Ondo Finance's team page names Nathan Allman as its founder; the company's own blog reports that Allman died in 2026 and that Ian De Bode is now chief executive. The ONDO token and an Ondo Foundation sit behind the protocol, which tokenises US Treasuries and other real-world assets — a business that, more than most in DeFi, depends on the credibility of the institution issuing the tokens.
How it compares
Reserve
Tokenised index baskets under a permissive licence
Term Finance
Fixed-rate lending, six named audits, restrictive licence
dHEDGE
AGPL vaults with a deep audit list, now rebranding
Derive (formerly Lyra)
Options fees published in full, Sigma Prime audited
Maple Finance
Fee split published to the basis point
Goldfinch
On-chain credit, MIT, Trail of Bits audited
Index Coop
Per-product fees published, Apache-licensed
Nexus Mutual
On-chain capital pool, GPL-licensed
Synthetix
MIT-licensed with a published fee schedule
Sources
Scored from published primary sources rather than hands-on use. Every figure above comes from one of the pages below, on the date shown. Manufacturers change prices and specifications without notice — if something here no longer matches the source, tell us and we will correct it.
- 1.Ondo — documentation (products and backing) — checked
- 2.Ondo — OUSG fees and taxes — checked
- 3.Ondo — audits — checked
- 4.Ondo Finance — team page — checked
Frequently asked questions
What does Ondo's OUSG charge?
A 0.15% management fee, waived until 1 January 2027, with fund expenses capped at 0.15%.
What backs Ondo's tokens?
US Treasuries. USDY is described as a note secured by US Treasuries and OUSG as a Treasuries token; whether the backing is attested on-chain is not stated.
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