#加密市场回调

Main products on the Ondo Finance website

According to the official Ondo Finance website and relevant documents (as of March 9, 2025), their currently offered products mainly revolve around tokenized real-world assets (RWA), particularly financial products related to U.S. Treasury bonds. The two most prominent products on the website are:

  1. USDY (US Dollar Yield Token)

    • Description: USDY is a tokenized short-term U.S. Treasury product designed to provide stable yields. It is similar to a stablecoin but with yield features, primarily aimed at global investors.

    • Security:

      • Technical Security: USDY is based on the Ethereum blockchain, and its smart contracts have been audited by agencies like Quantstamp and Certik, reducing the risk of code vulnerabilities.

      • Compliance: It is designed to comply with U.S. securities laws but is limited to qualified purchasers and accredited investors for direct purchase; retail investors must access indirectly through DeFi protocols like Flux Finance.

      • Risk: Although the underlying asset (U.S. Treasury bonds) is considered a low-risk investment, blockchain-related risks (such as hacking, smart contract vulnerabilities) still exist. Additionally, changes in regulatory policies may affect its availability.

  2. OUSG (Ondo Short-Term US Government Treasuries)

    • Description: OUSG provides liquidity exposure to short-term U.S. Treasury bonds, supporting 24/7 tokenized subscriptions and redemptions, primarily aimed at institutional investors. Most of its assets are currently invested in BlackRock's BUIDL fund (BlackRock USD Institutional Digital Liquidity Fund).

    • Security:

      • Technical Security: Also based on blockchain technology, audited multiple times, and partnered with top service providers like BlackRock and Coinbase, which increases credibility.

      • Compliance: OUSG is aimed at qualified investors, requiring completion of KYC (Know Your Customer) and onboarding processes to ensure regulatory compliance.

      • Risk: The underlying asset risk is very low (U.S. Treasury bonds), but there may be market volatility and redemption delays (if exceeding the daily instant redemption limit, non-instant redemption processes must be followed).

Is it safe to buy either?

From a technical, compliance, and partnership perspective, both products have high security within the Ondo Finance ecosystem, but whether they are 'secure' depends on the following factors:

Common security advantages

  • Institutional Support: Collaborating with giants in traditional finance and crypto like BlackRock and Coinbase provides additional trust backing.

  • Transparency: All transaction records are on the blockchain, publicly accessible.

  • Auditing: Smart contracts have been verified by reputable agencies, reducing technical risks.

Specific risk comparison

  • USDY:

    • Advantages: Suitable for investors seeking stable returns, with greater global accessibility (through DeFi protocols).

    • Risk: For retail investors, indirect access (via Flux Finance) may add a layer of protocol risk; regulatory uncertainty may impact its long-term compliance.

  • OUSG:

    • Advantages: Directly linked to funds managed by BlackRock, with higher institutional-level security; 24/7 trading functionality enhances flexibility.

    • Risk: Limited to qualified investors, with a higher onboarding threshold; redemptions may be subject to limits.

Considerations when purchasing

  1. Eligibility: Do you meet the purchase criteria? Both USDY and OUSG require specific investor identities (such as accredited investors), otherwise direct purchase is not allowed.

  2. Storage Security: After purchase, it is recommended to transfer tokens to a personal cold wallet (such as Ledger) rather than leaving them on exchanges or platforms to avoid platform risks.

  3. Market Risk: Even if the underlying assets are secure, token prices may fall due to market volatility or selling pressure (e.g., token unlocks).

  4. Regulatory Risk: The regulatory environment for cryptocurrencies and securities in the U.S. may change; stay informed about the latest policies.

Conclusion

Purchasing USDY or OUSG from the Ondo Finance website is relatively safe in terms of technology and institutional support, especially compared to many other crypto projects. However, 'absolute security' does not exist; specific choices depend on your needs:

  • If you are a qualified investor seeking institutional-level products, OUSG may be safer as it is directly tied to BlackRock.

  • If you want to earn through DeFi without being directly constrained by qualified investor requirements, USDY is a more flexible option, but be mindful of additional protocol risks.

Regardless of which you choose, it is recommended:

  • Visit the official website (ondo.finance) to confirm product details.

  • Complete the necessary KYC and due diligence.

  • Make a small test purchase to ensure familiarity with the process before investing more funds.