Who owes the holderClaimed
The issuer of OUSG is Ondo I LP, a Delaware limited partnership.
“The issuer of OUSG is Ondo I LP, a Delaware (USA) limited partnership”✓ Quote found word for word in the latest snapshotCase file / OUSG
Ondo Short-Term US Government Treasuries
RWAGovernment securities fund1 Confirmed10 Claimed5 Unknown
As of 24 Oct 2026
OUSG gives exposure mainly to short-term US Treasuries and GSE securities, with tokenized subscriptions and redemptions around the clock.
01
Who owes me?
Holder rightsClaimed
Investors are limited partners of the fund; the fund issues each of them a Schedule K-1 tax form.
“The fund will issue Schedule K-1 forms to each limited partner”✓ Quote found word for word in the latest snapshotRegulator / licenceClaimed
Ondo I LP relies on an exemption from the US Investment Company Act because it sells only to qualified purchasers.
“The issuer of OUSG, Ondo I LP, is exempt from the registration requirements of the US Investment Company Act of 1940, as amended (the “‘40 Act”) because they are sold to “qualified purchasers” in relieance on Section 3(c)(7) of the 40 Act.”✓ Quote found word for word in the latest snapshotGoverning law and disputesUnknown
02
How do I get out?
Who may redeemClaimed
Only people onboarded to Ondo's Qualified-Access Funds can invest in, redeem, transfer or receive OUSG.
“Only individuals who have onboarded to our Qualified-Access Funds can invest in, redeem, or transfer, or receive OUSG or any other Qualified-Access Product.”✓ Quote found word for word in the latest snapshotFeesClaimed
The management fee is 0.15%, waived until 1 January 2027.
“Ondo charges a management fee of 0.15%, which we have waived until January 1, 2027.”✓ Quote found word for word in the latest snapshotRedemption for moneyClaimed
Instant redemptions are atomic: USDC arrives in the same transaction in which OUSG is sent.
“If you do an instant redemption, the redemption takes place as an atomic transaction so you will receive your USDC at the same time as you send in your OUSG for redemption.”✓ Quote found word for word in the latest snapshotWhen redemption can be suspendedClaimed
Instant minting and redemption are capped per 24 hours at the amounts shown on Ondo's website.
“For security reasons and subject to the limitations of our service partners, the amount you can instantly mint or redeem in any given 24-hour time period will be limited to the amounts shown on our website”✓ Quote found word for word in the latest snapshot03
What backs the claim?
Reserve assetsClaimed
The portfolio is invested in funds of asset managers such as BlackRock, Franklin Templeton, WisdomTree and Fidelity, plus bank deposits and USDC for liquidity.
“The OUSG portfolio is invested in funds issued by leading asset managers such as BlackRock, Franklin Templeton, WisdomTree, Fidelity, and others, along with bank deposits and USDC for liquidity purposes.”✓ Quote found word for word in the latest snapshotCustodyClaimed
Deposited USDC is routed to the fund's Coinbase account.
“Second, it routes your deposited USDC to the Fund’s Coinbase account.”✓ Quote found word for word in the latest snapshotAttestation and its scopeUnknown
04
Who can change the rules?
Freezing and blockingConfirmed
Only addresses registered in Ondo's ID registry contract can hold OUSG.
“Addresses that can hold OUSG are stored via this contract”✓ Quote found word for word in the latest snapshotUpgrading the contractUnknown
Issuing new tokensUnknown
Changing the termsUnknown
From the contract
| Tokens in circulation | 1,145,233.42 OUSG |
| Contract code can be replaced (proxy) | Yes |
| Proxy pattern | eip1967 |
| Who can replace the code (proxy admin) | 0xba80aa44cc25e85cc30359150dfb1c7d041cf6d5 |
| Proxy admin is | a smart contract (e.g. multisig or timelock) |
| Transfers paused now | No |
05
Evidence: archived sources
| Source | Last checked | Status | Versions | Last changed | SHA-256 |
|---|---|---|---|---|---|
| Product documentation | 24 Oct 2026, 05:18 UTC | Archived | 1 | — | 051d1334…2fe24b ⏱ |
| Product documentation | 24 Oct 2026, 05:18 UTC | Archived | 1 | — | f34c23d5…8c70b8 ⏱ |
| Product documentation | 24 Oct 2026, 05:18 UTC | Archived | 1 | — | a260bcee…b0c417 ⏱ |
| Product documentation | 24 Oct 2026, 05:18 UTC | Archived | 1 | — | a0f1b782…8fa53f ⏱ |
| Product documentation | 24 Oct 2026, 05:18 UTC | Archived | 1 | — | 3bd6509a…34214e ⏱ |
| Product documentation | 24 Oct 2026, 05:18 UTC | Archived | 1 | — | dffed457…1e9c1d ⏱ |
| Contract addresses | 24 Oct 2026, 05:18 UTC | Archived | 1 | — | a4a2fce5…a91cd9 ⏱ |
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What we don't know
These questions have no answer in the documents we archive. That is a gap, not a verdict.
Governing law and disputesAttestation and its scopeUpgrading the contractIssuing new tokensChanging the terms