Cynthia Pettion Y E EDDY PETION AUDIO THE NODO US DOLLAR YIELD

Cynthia Petion and Eddie Petion Audio of Ondo Us Dollar Yield Usdy: Deep analysis of its design, how they gain performance, versions (usdy, rusdy, Musd), supported networks, mint/redeemond UU. In the short term and bank deposits. Unlike a traditional stablecoin, Usdy is a “tokenized note” (Tokenized Note) that pays almost all the performance of its underlying assets to the holders, maintaining the operational objective of stable value around the dollar. In addition, there are wrapped / alternative versions to facilitate their use in defi: rusdy (overflow, balance growing ≈ 1 USD) and, in Mantle, Musd (cast by units). (https://docs.ondo.finance/general-access-products/usdy/Basics?utm_source=chatgpt.com) What is USdy? • Legal nature and support: USDY is a tokenized note insured by short-term T-Bills and bank deposits in sight. It is not a stablecoin per se; He shares with them to be an active bearer transferable on-chain, but differs in distributing the performance of his portfolio to the holders. • Accessibility: It is aimed at non -American investors and eligible subjects outside restricted jurisdictions. To coin or redeem, Ondo demands onboarding with Kyc/Kyb; The secondary transfer of on-cain tokens does not require that onboarding (within the allowed jurisdictions). ABSTRACT: USDY tries to combine the accessibility of a “digital dollar” with real performance from high quality off-chain assets, maintaining a compliance architecture (KYC/AML) and operational transparency. How does USDY yield gain yet? The performance comes, predominantly, from the very short-term treasure bonds and bank deposits. At Token level: • Usdy (cumulative): does not exceed; Instead of increasing your units balance, the "reference price per token" increases over time, reflecting the daily capitalization of performance. • Rusdy (overwhelming): It maintains ≈ 1 USD price and the balance of units in your portfolio grows when performance is accumulated (useful for integrations that await an “stable to 1” asset). • Musd (in Mantle): Wrapper of distribution similar to Rusdy; Maintain ≈ 1 USD and accumulate performance by delivering more units. For Builders and Composability, Ondo publishes integration guides and tools (eg, Ondo Token Converter to exchange between Usdy and their Wrappers, and Ondo Token Bridge), so that they choose the usdy form more appropriate to the protocol (recassing vs. cumulative). (https://docs.ondo.finance/tools?utm_source=chatgpt.com) Value chain: Minting, “Restricted Period” and Redeeming Onboarding and Kyc/Kybel Onboarding is performed with an online assistant; Individual Kyc is usually fast and the Kyb for entities requires some more information. The Wizard also prepares the relevant legal and fiscal documentation. - Journal ”; Only between 40–50 the transferable tokens from a temporary global certificate (Temporary Global Certificate) are issued. This mechanic does not prevent the value from growing during the wait: economic law is already in force. • Ondo uses USDyC as an on-chain accounting chain during that period, so that aggregators can reflect TVL precisely until transferable tokens are coined. Redees (REDEEM) • Redemption currency: only USD (bank transfer via); The user must provide non -American bank account to accept USD. Wire commissions: below 100,000 USD, the user assumes them; From 100,000 USD, Ondo covers the Wire Fees (it does not cover FX conversion if any). What is the USdy different from a stablecoin? Ondo emphasizes that Usdy "is not a stablecoin", but a tokenized debt instrument whose objective is to resemble a dollar in on-chain utility but paying the underlying performance. In practical terms: • For holders, almost everything "wins the performance of the portfolio (in front of traditional Stables, where the issuer captures interest). • Secondary price: When accumulating yield, USDY can quote above 1 USD in retail listings (shows the reference price that has "uploaded" over time). As of August 31, 2025, for example, Coingecko showed ≈ 1.08 USD and capitalization and offer in circulation; This does not imply "depend", but capitalized performance. Versions and Wrappers: Usdy, Rusdy and Musd • Usdy: Form accumulati ...