Ondo Short-Term U.S. Government Bond Fund

OUSG holders enter a Delaware GP/LP structure. Their token is a unitized limited-partnership interest in Ondo I LP, whose manager allocates money across institutional Treasury and government money-market products, bank deposits and stablecoins.

That makes “backed by Treasuries” incomplete. A holder owns a fund interest measured by net assets after expenses, not title to a named bill or direct shares of every BlackRock, Fidelity or Franklin fund in the portfolio.

Ondo I LP uses the 3(c)(7) private-fund exemption; its token offering relies on Rule 506(c). Access therefore needs both verified accredited-investor status and qualified-purchaser status, plus AML and sanctions review.

The gate follows the wallet. Only onboarded addresses may receive or transfer OUSG, so ERC-20 settlement does not create a permissionless secondary market.

The SEC Form D records an exempt offering, not SEC approval of OUSG. Adviser registration likewise identifies Ondo Capital Management’s regulatory status without guaranteeing performance.

USDC or PYUSD is divided by current NAV to mint OUSG. Each business day, portfolio values, expenses and fees update share-class NAV and an oracle publishes the new token price.

Instant redemption reverses that equation into USDC. It can run outside banking hours only within platform limits and available liquidity; larger requests return to a non-instant operational process.

OUSG is non-rebasing: holding one unit does not automatically change that unit count as NAV changes with asset values, fees and expenses. rOUSG holds OUSG shares and adjusts displayed balances with the oracle price. A higher NAV produces a higher displayed balance; losses can reverse that direction.

The wrapper adds contract risk and privileged roles. A paused, upgraded, de-KYCed or administratively burned position can behave differently from an unrestricted bearer token even though the economic asset underneath remains OUSG.

Coinbase Prime receives subscription stablecoins and supports custody and conversion. Ondo Capital Management selects the portfolio. NAV Consulting reads accounts, maintains capital records and produces daily financials; its report can trail the oracle by three days.

The instant manager then links these offchain steps to minting and redemption. Auditors explicitly note that contracts do not buy BUIDL themselves and assume adequate underlying redemption liquidity.

Ondo later acquired a registered transfer agent, but historical OUSG materials name NAV Consulting as administrator. A corporate license should not be substituted for the Fund’s actual recordkeeper without current offering evidence.

OUSG is fund equity in Ondo I LP. USDY is a debt note from a separate issuer with collateral arrangements. ONDO is a governance token for DAO and Flux powers.

Price correlation or a shared brand cannot transfer legal rights between them. OUSG redemption belongs to an eligible limited partner; holding ONDO cannot request it, and holding USDY does not make its owner an OUSG partner.