Ondo US Dollar Yield
Weekly token report
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Executive Summary
Ondo US Dollar Yield (USDY) is a significant player in the tokenized real-world asset (RWA) space, boasting a substantial market capitalization of over $2.39 billion and trading at $1.15. Its circulating supply of 2,086,281,686.03 tokens represents 100% of its total supply, indicating full market availability. The token currently holds a low-risk score of 30/100, suggesting a relatively stable profile.
Despite its low overall risk score, several critical concerns warrant attention. Foremost is the extremely low Total DEX Liquidity of $19,002 relative to its multi-billion dollar market cap, signaling a significant lack of on-chain depth and potential for price volatility during large trades. Secondly, developer velocity is stagnant, with zero commits in the last year and only one contributor, raising questions about ongoing development and maintenance. Lastly, the contract's nature as an upgradeable proxy contract, coupled with "Mint f" functionality and a blacklist function, introduces potential centralization risks and upgradeability concerns.
On the positive side, the GoPlus scan confirms a low contract security risk of 10/100 and verified source code, providing a solid technical foundation. Strategic partnerships are emerging, with a USDY fund reported to launch on the Sei Network, signaling an expansion of Ondo Finance's tokenized treasury products. The token also exhibits a substantial 24-hour volume of $1,617,738 despite its low liquidity, suggesting active trading interest.
Moving forward, investors should closely monitor any developments regarding increased DEX liquidity, as this is a critical factor for market stability and efficient trading. The promised launch of the USDY fund on the Sei Network will be a key catalyst to watch for potential ecosystem expansion and increased adoption. Furthermore, any updates on developer activity or transparency around the proxy contract's upgrade mechanisms and the blacklist function will be important indicators for future risk assessment.
Written by a language model from the 12 analyses in this report. For sourced figures, use the key findings and each area's evidence.
Live market data
Price Chart
Risk score
Average of six sub-scores, 0 (lowest risk) to 100. Four are rule-based scores computed from the contract scan; social and development risk are fixed defaults in this version, not measurements.
What was analysed
Twelve analysis areas, with what each could establish for this token. The status shows whether data exists — detail inside each area needs a free account.
2 of 12 areas analysed · 5 partial · 5 unavailable
Token & supply
TokenomicsPartial dataDetail lockedExamined supply.
How much supply exists, how much circulates, and who holds it?
- Moralis returned no usable data (the request may have failed or the token is not covered).
- No holder list was returned by a data provider; modelled stand-in rows are not shown.
Sources that answered: CoinGecko · queried 2 Nov 2026, 00:00 UTC
On-chain activityUnavailableDetail lockedNo sourced holder or transfer data was returned.
How is the holder base changing and are large wallets moving?
- Moralis returned no usable data (the request may have failed or the token is not covered).
- Etherscan-family explorer returned no usable data (the request may have failed or the token is not covered).
Real yieldUnavailableDetail lockedNo measured revenue or fees were found for this token.
Does the protocol earn revenue, and do holders receive it rather than new emissions?
- CoinGecko returned no usable data (the request may have failed or the token is not covered).
- DeFiLlama has no fee data matched to this token. It may not be a revenue-generating protocol, or it may not be tracked — this is not evidence either way.
Market & community
Market structureAnalysedDetail lockedExamined price and volume, DEX liquidity and trading venues.
Where does the token trade and how deep is its liquidity?
Sources that answered: CoinGecko, DEX Screener · queried 2 Nov 2026, 00:00 UTC
Community & sentimentPartial dataDetail lockedExamined news headlines.
How large is the community and what is being said about the token?
- Grok live X search returned no usable data (the request may have failed or the token is not covered).
- CoinGecko returned no usable data (the request may have failed or the token is not covered).
- CoinGecko returned no follower count; a modelled figure is not shown.
Sources that answered: Google News RSS, Daily follower snapshots (internal) · queried 2 Nov 2026, 00:00 UTC
Code & security
Smart-contract securityAnalysedDetail lockedAutomated scan of the token contract: 2 of 8 checks answered.
What can the token contract do, and who can change it?
Sources that answered: GoPlus Security · queried 2 Nov 2026, 00:00 UTC
Developer activityPartial dataDetail lockedExamined repository activity for ondoprotocol/ondo-v1.
Is the code being actively developed, and by how many people?
- The token's GitHub link does not point to a readable repository, so the most-starred repository of the same account (ondoprotocol/ondo-v1) was used instead. It may not be the token's main codebase.
Sources that answered: GitHub · ondoprotocol/ondo-v1 · queried 2 Nov 2026, 00:00 UTC
Product & roadmapUnavailableDetail lockedGitHub did not answer when this report was generated, so the roadmap and releases could not be checked.
What has the project said it will ship, and what has it delivered?
- The lookup of ondoprotocol/tokenized-funds failed — typically a rate limit or an outage on GitHub's side. This is a gap in data collection, not a finding about the project; the next report tries again.
Sources that answered: CoinGecko · queried 2 Nov 2026, 00:00 UTC
Project & governance
GovernanceUnavailableDetail lockedNo Snapshot governance space was found for this token.
Who decides, how do they vote, and how many take part?
- Snapshot was not queried: no Snapshot governance space was found.
- Governance may run on-chain or on another platform, which is not collected. This is not evidence that the token has no governance — and the proposal counts of zero stored with this report are not observations.
Team & insidersUnavailableDetail lockedTeam and insider data is not collected for this token.
Who is behind the project and are insiders buying or selling?
- No verified source for team members, their identities or insider wallets is connected.
- The entity type and founding year stored with this report come from keyword matching or modelled defaults, not from a verified record, and are not shown.
PartnershipsPartial dataDetail lockedScanned 6 recent headlines for partnership and integration announcements.
Which relationships has the project announced, and are they real?
- Announcements are identified by keyword and are not corroborated, so this area can show claims but cannot confirm relationships.
Sources that answered: Google News RSS · queried 2 Nov 2026, 00:00 UTC
RegulatoryPartial dataDetail lockedExamined news headlines and contract transfer controls for regulatory signals.
Is the token drawing regulatory or legal attention?
- Headline keywords and contract features cannot establish legal status, so this area can flag attention but cannot reach a conclusion.
Sources that answered: Google News RSS, GoPlus Security · queried 2 Nov 2026, 00:00 UTC
Key findings
This report has 5 evidence-backed findings, each with the reason it matters and the data behind it.
Connected signals
1 conclusion draws on evidence from more than one analysis area.
Unlock the full USDY report
A free account opens everything this report found:
- 5 key findings, each with why it matters and the data behind it
- 1 connected signal drawn from more than one analysis area
- Full detail for the 7 analysis areas that returned data, with sources and limitations
- 30 evidence items — headlines, proposals, milestones, transfers — with links
- Alerts for this token and changes since the previous report
Real-time alerts for this token
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