USDY (US Dollar Yield Token): On-chain state mapping: Existence
Investment View
Macroeconomic Risk: Temperature Finance’s rate of return is very sensitive to the U.S. Federal Reserve’s interest rate policy. Regulatory uncertainty: Although a major obstacle has been overcome with the conclusion of the SEC investigation in 2025, controversies over unregistered securities and regulatory gaps between countries remain risks. Technical vulnerability: Smart contract complexity increases due to multi-chain expansion and bridge security risks are always potential.
Ondo started from a DeFi profit structure in 2022 and has now evolved into a RWA project that builds tokenized U.S. Treasury, money market, stock, and ETF access infrastructure centered on USDY, OUSG, and Ondo Global Markets. The official document describes USDY as a dollar-denominated yield token accessible to non-US eligible individual and institutional investors, and OUSG provides 24/7 on-chain subscription and redemption exposure to short-term US Treasury bonds, GSE securities, and money market funds. (docs.ondo.finance) As of May 2026, Ondo's key metrics have already surpassed initial product-market fit.
Investment View
Based on RWA.xyz, $3.86B DAV, over 106k holders, and $2.76B monthly transfer volume show that Ondo has secured strong market adoption in tokenized asset distribution. First, it needs to be clearer how ONDO tokens are economically linked to protocol growth. Second, the transparency of off-chain custody, redemption, and proof of underlying assets must be improved to match the speed of DAV growth.