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.
Counterparties
Which offchain companies could fail, even if the asset is fine?
No financial audit is disclosed.
No financial audit is disclosed.
Almost everything sits in four other tokenized funds (SWEEP, BUIDL, BENJI, FYOXX), each with its own custodian and admin keys.
Independent, regulated custodian: Clear Street LLC (SEC and FINRA).
Independent, regulated fund administrator: NAV Fund Services (NAV Consulting, Inc.) (CIMA).
Settles by USDC, PYUSD, other stablecoins, USD wire.
- USDC/USD exchange: Coinbase Prime.
Service providers
Who holds, values, audits and registers the assets, and whether they answer to a regulator.
| Role | Firm | Independent of issuer | Regulated |
|---|---|---|---|
| Custodian | Clear Street LLC | Yes | Yes, SEC and FINRA |
| Fund administrator | NAV Fund Services (NAV Consulting, Inc.) | Yes | Yes, CIMA |
| 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 | — | — |
Settlement rails
How subscription and redemption money moves. One rail is a single point of failure.
Other parties holders depend on
- USDC/USD exchange: Coinbase Prime
- Dependency Almost everything sits in four other tokenized funds (SWEEP, BUIDL, BENJI, FYOXX), each with its own custodian and admin keys.