Under active development. We're continuously fixing and improving the metrics and parameters, so scores and ratings may change. See changelog

RWABeat

Ondo Short-Term US Government Treasuries

Tokenized LP interest in a Delaware fund of tokenized Treasury and money-market funds (State Street SWEEP, BlackRock BUIDL, Franklin BENJI, Fidelity FYOXX) plus USDC. Eligible holders can mint and redeem against USDC instantly, 24/7.

U.S. TreasuriesQualified purchasers onlyTransfer-restrictedIssued by Ondo Capital Management LLC · Platform Ondo Finance
JSON
Value
$135.0M
Stage
None
Below Stage 0: key facts not disclosed
Single-key powers
0
None critical · can freeze, pause
Oracle age
12h 12m
On schedule
Used as DeFi collateral
$0· 0 markets

Risk rosette

Seven risks: the real asset, who you have to trust, and whether you can get out in time.

Underlying Asset: Green. Short-dated government debt. No private borrower can cause a loss.Legal Claim: Not assessed. Not assessed yet. Bankruptcy remoteness, what the token legally is, and holder rights need a legal review.Counterparties: Red. No financial audit is disclosed.Control: Red. A single key can freeze a holder's tokens.Transparency: Red. The only reports are self-reported by the issuer (best: Ondo holdings table).Pricing: Yellow. The issuer's own multisig publishes the onchain price.Exit: Yellow. Only allowlisted holders can redeem.

What can go wrong

Red findings first, then facts that aren't public, then yellow. 18 in total.

  1. No financial audit is disclosed.

    Counterparties

  2. A single key can freeze a holder's tokens.

    Control

  3. The only reports are self-reported by the issuer (best: Ondo holdings table).

    Transparency

  4. Multisig signers aren't named, so their independence can't be checked.

    Control

  5. An instant redemption facility exists, but how much it can pay out isn't public.

    Exit

  6. Almost everything sits in four other tokenized funds (SWEEP, BUIDL, BENJI, FYOXX), each with its own custodian and admin keys.

    Counterparties

+12 more in the category tabs.

Legal Claim: not assessed yet. We don't yet judge bankruptcy remoteness or what the token legally gives holders. What we know →

Below Stage 0

The minimum disclosure for Stage 0 isn't there yet.

About stages

Stage 0 · Disclosed

  • What the token holds is described publicly
  • Issuer, custodian, administrator and auditor are named
  • The legal structure is documented
  • Smart contracts are verified onchain

Stage 1 · Protected

  • Bankruptcy-remote structure · legal, not assessed yet
  • Independent custodian and administrator
  • Holdings independently verified, at a pace that fits the asset
  • Admin powers held by a multisig, with a documented policy
  • A documented redemption path

Stage 2 · Trust-minimized

  • An independent trustee who can act for holders · legal, not assessed yet
  • Holdings data that anyone can verify
  • Admin changes behind a timelock, so holders can exit first
  • An exit that works without the issuer's goodwill, and liquidators can hold the token
  • Pricing from an independent source

Key facts

Vehicle
Delaware limited partnership (3(c)(7) private fund); GP Ondo I GP LLC
Jurisdiction
Delaware, United States
LEI
Not public · searched 13 Oct 2026 · GLEIF has no record for Ondo I LP or Ondo Finance Help us find it
Min. investment
$5,000.00
Who can hold
Qualified purchasers
Rated as
T-bill or money market fund
Token standard
Custom

Service providers

Custodian
Clear Street LLC
Fund administrator
NAV Fund Services (NAV Consulting, Inc.)
Auditor
Not public · searched 25 Oct 2026 · Ondo says financial audits are 'shared with authorized requesting parties' and doesn't name the firm. Help us find it
Transfer agent
Not public · searched 13 Oct 2026 · KYC/AML is "administered by the General Partner" Help us find it
Holdings reporting
Ondo holdings table (Ondo Finance)

Deployments

EVM deployments we track, with the worst power found on each.

ChainTokenSupplyControlUpgrade path
Ethereum0x1B19…ee92$135.0MRedProxyAdmin → Safe 4/7 · no delay