USDYvsOUSD
Ondo US Dollar Yield vs Open USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDY — Ondo US Dollar Yield
OUSD — Open USD
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
OUSD held the tighter band: worst deviation 3 bps against 1494 bps.
Key differences
- USDY is roughly 3.2× larger than OUSD by USD circulation value ($2.21B vs $698.8M).
- USDY ranks #12 while OUSD ranks #17 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- Both are fiat-backed stablecoins, so the mechanism is not what separates them.
- USDY reports tokenized us treasuries (ondo) in reserve. We do not track a published reserve breakdown for OUSD.
- USDY is deployed on 16 chains — much broader coverage than OUSD's 4.
- Primary chain differs — most USDY supply lives on Ethereum, while most OUSD supply is on Tempo.
Full comparison table
| Metric | USDY | OUSD |
|---|---|---|
| USD circulation value | $2.21B | $698.8M |
| Rank (by USD value) | #12 | #17 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Tokenized US Treasuries (Ondo) | — |
| Chains deployed | 16 | 4 |
| Primary chain | Ethereum | Tempo |
| Issuer | Ondo Finance | — |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDY and OUSD?
Both track USD, so they compete for the same use cases. USDY holds tokenized us treasuries (ondo). We track no published reserve breakdown for OUSD. USDY ranks #12 by USD value and OUSD ranks #17.
Which is bigger, USDY or OUSD?
USDY is larger, with $2.21B in circulation vs $698.8M for OUSD. That's roughly 3.2× the size.
Is USDY safer than OUSD?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. Both use a fiat-backed model, so the difference sits in the issuer and the reserves rather than the design. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDY and OUSD?
Yes. USDY and OUSD both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
Should I choose USDY or OUSD?
The right choice depends on your use case. Consider: which chain do you need? USDY is available on 16 chains and OUSD on 4. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.