# Ondo USDY and OUSG: Supply, Price and Chains > Ondo USDY and OUSG by chain: supply, holders, the on-chain price that grows with each token's yield, rebasing versions and OUSG instant mints and redemptions. Markdown copy of https://voltfincrypto.com/apps/ondo-usdy-ousg **Question:** How much USDY and OUSG exists on each chain, and how much has each token's price grown? - Kind: Dashboard in Voltfin Vantage - Topic: [Tokenized assets](https://voltfincrypto.com/topics/rwa) - Chains: Multi-chain, Ethereum, Solana, Mantle, Sui, Aptos, Polygon, XRP Ledger - Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is. USDY and OUSG are Ondo Finance's two treasury-backed tokens, built for different holders. USDY is a tokenized note for investors outside the United States, secured by short-term US Treasuries and bank deposits. OUSG is a fund token for qualified purchasers that holds short-term Treasury funds, including BlackRock's BUIDL. This dashboard reads both tokens' supply, holders and prices on every chain they are issued on. Both pay their yield through price rather than new tokens: the price of one USDY or OUSG rises as the assets behind it earn, and Ondo posts that price on-chain. Rebasing versions such as rUSDY keep a price of one dollar and grow the holder's balance instead. The dashboard converts rebasing balances back to the underlying token, so the same holding is never counted twice. OUSG can be minted and redeemed with stablecoins at any hour through Ondo's instant manager contracts, including with RLUSD on the XRP Ledger. Those mints and redemptions are listed with their transactions beside the daily supply on each chain, so a reader can see when money came in or left. ## Blueprint ### Supply USDY and OUSG supply by chain, holders and value. - **USDY supply** (USDY): USDY in circulation on every covered chain, with rUSDY counted once, at the latest day-end reads. - **OUSG supply** (OUSG): OUSG in circulation on every covered chain at the same reads. - **Value of both tokens** (USD): USDY and OUSG supply valued at each token's on-chain price at the same block. - **Holders** (count): Addresses holding USDY or OUSG at the latest pinned block, across chains. - **Value by chain** (USD): Value of USDY and OUSG by chain by day, each chain's supply times the token's on-chain price. ### Price and flows Each token's on-chain price, the yield it implies and OUSG mints and redemptions. - **USDY price growth, 30 days** (%): How much USDY's on-chain price grew over the last 30 days, annualized. - **OUSG price growth, 30 days** (%): How much OUSG's on-chain price grew over the same period, annualized. - **Prices by day** (USD): USDY and OUSG prices by day, as posted by Ondo's oracles. - **OUSG instant mints and redemptions** (USD): OUSG minted and redeemed through the instant manager by day, in the stablecoins paid in and out. Filters: Token (USDY or OUSG, with their rebasing versions included); Period (Last 30, 90 or 365 days). ## How it will be measured - Supply is each token's totalSupply() at the last block of the day on every EVM chain, and the issued supply recorded by Solana, Sui, Aptos and the XRP Ledger on theirs, with bridged copies kept apart from native supply. - Prices come from Ondo's on-chain price oracles for USDY and OUSG at the same block; their growth between two pinned blocks, annualized, is the yield each token has actually accrued. - Rebasing rUSDY balances are converted to USDY through the wrapper's own share conversion and are never added on top of USDY supply. - OUSG instant mints and redemptions are read from the instant manager's events, with the stablecoin paid in or out and the OUSG minted or burned. - Holders are addresses with a non-zero balance at the same block. OUSG can only be held by approved addresses, while USDY moves between wallets after an initial holding period, so the two counts mean different things. ## Data it needs - `rwa_supply_daily` (to build): Supply and holders of tokenized treasuries, money-market funds, stocks, gold and credit per token and chain per day, with issuer and asset class. - `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table. - `token_holders_snapshot` (to build): Holder counts, top holders and concentration shares of registry tokens at a pinned block, with contract and exchange labels. - `token_transfers_daily` (to build): ERC-20 and native transfer counts, volume and unique senders and receivers per token per chain per day. - Source: USDY and OUSG totalSupply() at day-end blocks on each EVM chain - Source: USDY and OUSG supply on Solana, Sui, Aptos and the XRP Ledger from each chain's token records - Source: Ondo's on-chain price oracles for USDY and OUSG - Source: The rUSDY wrapper's share conversion, to express rebasing balances in USDY - Source: OUSG instant manager mint and redemption events with their stablecoin amounts - Source: Transfer logs of both tokens, for holders ## Questions ### What is Ondo USDY? USDY, or US Dollar Yield, is a tokenized note issued by Ondo for investors outside the United States. It is secured by short-term US Treasuries and bank demand deposits, and its price rises as that collateral earns interest. ### What is OUSG? OUSG is Ondo's tokenized short-term US Treasuries fund for qualified purchasers. It holds shares of short-term Treasury funds such as BlackRock's BUIDL and can be minted or redeemed with stablecoins at any hour through Ondo's contracts. ### What is the difference between USDY and rUSDY? USDY accrues its yield through its price, which rises over time. rUSDY wraps USDY at a price of one dollar and grows each holder's balance instead. They are the same asset, so the dashboard counts rUSDY as USDY. ### How is USDY's yield measured here? From its on-chain price: the price Ondo posts at two pinned blocks gives the growth between them, annualized. That is the yield already accrued, not the rate announced for the coming period. ### Is USDY a stablecoin? Not in the usual sense. Its price rises over time instead of staying at one dollar, and it is a debt instrument that cannot be sold to US persons rather than a payment token. In DeFi it is often used as a dollar that earns yield. ### Which chains are USDY and OUSG on? USDY is issued on Ethereum, Solana and several other chains, including Mantle, Sui and Aptos. OUSG is issued on Ethereum, Polygon, Solana and the XRP Ledger. The dashboard reads each chain's contract on its own and adds them up. ## Glossary - **Tokenized note**: A debt instrument issued as a token, giving the holder a claim on the issuer secured by named assets. - **Rebasing token**: A token whose balances change to pass on yield while its price stays at one unit, such as rUSDY. - **Qualified purchaser**: A US investor category with high investment thresholds, required to hold some private funds such as OUSG. ## Related apps - [Tokenized Treasuries Tracker: BUIDL, BENJI, USYC, OUSG](https://voltfincrypto.com/apps/tokenized-treasuries-tracker) - [Tokenized Treasury Fund Yields](https://voltfincrypto.com/apps/tokenized-treasury-fund-yields) - [BlackRock BUIDL Fund: Supply, Chains and Holders](https://voltfincrypto.com/apps/blackrock-buidl-fund-tracker) - [Yield-Bearing Stablecoins Compared: APY and Supply](https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared) - [RLUSD Supply by Chain: Ripple USD on XRPL and Ethereum](https://voltfincrypto.com/apps/rlusd-supply-by-chain) - [Tokenized Gold Supply: XAUT vs PAXG](https://voltfincrypto.com/apps/tokenized-gold-xaut-paxg) Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F