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<!DOCTYPE html><html><head><meta charSet="utf-8"/><title>USDY vs Rebasing USDY (rUSDY) | Ondo Finance</title><meta name="robots" content="index,follow"/><meta property="og:title" content="USDY vs Rebasing USDY (rUSDY) | Ondo Finance"/><meta name="theme-color" content="#111" media="(prefers-color-scheme: dark)"/><meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"/><style>
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Products<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy">USDY Token<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/basics">USDY Basics</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/comparison-stablecoins">Comparison to Stablecoins</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/comparison-ondo-products">Comparison to Other Ondo Products</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/how-it-works">How It Works</a></li><li class="nx-flex nx-flex-col nx-gap-1 active"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-bg-primary-100 nx-font-semibold nx-text-primary-800 dark:nx-bg-primary-400/10 dark:nx-text-primary-600 contrast-more:nx-border-primary-500 contrast-more:dark:nx-border-primary-500" href="/general-access-products/usdy/usdy-vs-rebasing-usdy">USDY vs Rebasing USDY (rUSDY)</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/rebasing">Rebasing</a></li><li class=""><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq">FAQ<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none" style="height:0"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-0 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/eligibility">Eligibility</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/onboarding-and-kyc">Onboarding & KYC</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/investing-and-redeeming">Investing & Redeeming</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/usdyc">USDYc</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/transfers">Transfers</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/economics-and-fees">Economics & Fees</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/trust-and-transparency">Trust & Transparency</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/technology">Technology</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/faq/partners-and-media">Partners & Media</a></li></ul></div></div></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/general-access-products/usdy/disclaimer">USDY Legal Disclaimer</a></li></ul></div></div></li></ul></div></div></li><li class="open"><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products">Qualified-Access Products<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180 ltr:nx-rotate-90 rtl:nx-rotate-[-270deg]"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-100 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/cash-management-101">Cash Management 101</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/minting-and-redeeming">Minting and Redeeming</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/eligibility">Eligibility</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/onboarding-and-kyc">Onboarding & KYC</a></li><li class=""><a class="nx-items-center nx-justify-between nx-gap-2 nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg">OUSG Token<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-h-[18px] nx-min-w-[18px] nx-rounded-sm nx-p-0.5 hover:nx-bg-gray-800/5 dark:hover:nx-bg-gray-100/5"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7" class="nx-origin-center nx-transition-transform rtl:-nx-rotate-180"></path></svg></a><div class="nx-transform-gpu nx-overflow-hidden nx-transition-all nx-ease-in-out motion-reduce:nx-transition-none" style="height:0"><div class="nx-transition-opacity nx-duration-500 nx-ease-in-out motion-reduce:nx-transition-none nx-opacity-0 ltr:nx-pr-0 rtl:nx-pl-0 nx-pt-1"><ul class="nx-flex nx-flex-col nx-gap-1 nx-relative before:nx-absolute before:nx-inset-y-1 before:nx-w-px before:nx-bg-gray-200 before:nx-content-[""] dark:before:nx-bg-neutral-800 ltr:nx-pl-3 ltr:before:nx-left-0 rtl:nx-pr-3 rtl:before:nx-right-0 ltr:nx-ml-3 rtl:nx-mr-3"><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/overview">Overview</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/eligibility-&-onboarding">Eligibility & Onboarding</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/investing">Investing</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/redeeming">Redeeming</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/yield">Yield</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/fees-and-taxes">Fees & Taxes</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/ousg-vs-rebasing-ousg">OUSG vs Rebasing OUSG (rOUSG)</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/rebasing">Rebasing</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/technical">Technical</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 contrast-more:dark:hover:nx-border-gray-50" href="/qualified-access-products/ousg/trust-and-transparency">Trust & Transparency</a></li><li class="nx-flex nx-flex-col nx-gap-1"><a class="nx-flex nx-rounded nx-px-2 nx-py-1.5 nx-text-sm nx-transition-colors [word-break:break-word] nx-cursor-pointer [-webkit-tap-highlight-color:transparent] [-webkit-touch-callout:none] contrast-more:nx-border nx-text-gray-500 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:nx-text-neutral-400 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50 contrast-more:nx-text-gray-900 contrast-more:dark:nx-text-gray-50 contrast-more:nx-border-transparent contrast-more:hover:nx-border-gray-900 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6.364l-.707-.707M6.343 6.343l-.707-.707m12.728 0l-.707.707M6.343 17.657l-.707.707M16 12a4 4 0 11-8 0 4 4 0 018 0z"></path></svg><span class="">Light</span></div></button></div></div></aside><nav class="nextra-toc nx-order-last nx-hidden nx-w-64 nx-shrink-0 xl:nx-block print:nx-hidden nx-px-4" aria-label="table of contents"><div class="nextra-scrollbar nx-sticky nx-top-16 nx-overflow-y-auto nx-pr-4 nx-pt-6 nx-text-sm [hyphens:auto] nx-max-h-[calc(100vh-var(--nextra-navbar-height)-env(safe-area-inset-bottom))] ltr:-nx-mr-4 rtl:-nx-ml-4"><p class="nx-mb-4 nx-font-semibold nx-tracking-tight">On This Page</p><ul><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#whats-the-difference-between-usdy-and-rusdy" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">What’s the difference between USDY and rUSDY?</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#how-do-i-decide-between-usdy-and-rusdy" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">How do I decide between USDY and rUSDY?</a></li><li class="nx-my-2 nx-scroll-my-6 nx-scroll-py-6"><a href="#how-do-i-convert-between-usdy-and-rusdy" class="ltr:nx-pl-4 rtl:nx-pr-4 nx-inline-block nx-text-gray-500 hover:nx-text-gray-900 dark:nx-text-gray-400 dark:hover:nx-text-gray-300 contrast-more:nx-text-gray-900 contrast-more:nx-underline contrast-more:dark:nx-text-gray-50 nx-w-full nx-break-words">How do I convert between USDY and rUSDY?</a></li></ul></div></nav><div id="reach-skip-nav"></div><article class="nx-w-full nx-break-words nextra-content nx-flex nx-min-h-[calc(100vh-var(--nextra-navbar-height))] nx-min-w-0 nx-justify-center nx-pb-8 nx-pr-[calc(env(safe-area-inset-right)-1.5rem)]"><main class="nx-w-full nx-min-w-0 nx-max-w-6xl nx-px-6 nx-pt-4 md:nx-px-12"><div class="nextra-breadcrumb nx-mt-1.5 nx-flex nx-items-center nx-gap-1 nx-overflow-hidden nx-text-sm nx-text-gray-500 dark:nx-text-gray-400 contrast-more:nx-text-current"><div class="nx-whitespace-nowrap nx-transition-colors nx-min-w-[24px] nx-overflow-hidden nx-text-ellipsis hover:nx-text-gray-900 dark:hover:nx-text-gray-100" title="General-Access Products"><a href="/general-access-products">General-Access Products</a></div><svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-w-3.5 nx-shrink-0"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg><div class="nx-whitespace-nowrap nx-transition-colors nx-min-w-[24px] nx-overflow-hidden nx-text-ellipsis hover:nx-text-gray-900 dark:hover:nx-text-gray-100" title="USDY Token"><a href="/general-access-products/usdy">USDY Token</a></div><svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-w-3.5 nx-shrink-0"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg><div class="nx-whitespace-nowrap nx-transition-colors nx-font-medium nx-text-gray-700 contrast-more:nx-font-bold contrast-more:nx-text-current dark:nx-text-gray-100 contrast-more:dark:nx-text-current" title="USDY vs Rebasing USDY (rUSDY)">USDY vs Rebasing USDY (rUSDY)</div></div><h1 class="nx-mt-2 nx-text-4xl nx-font-bold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100">USDY vs Rebasing USDY (rUSDY)</h1>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl"><strong>What’s the difference between USDY and rUSDY?</strong><a href="#whats-the-difference-between-usdy-and-rusdy" id="whats-the-difference-between-usdy-and-rusdy" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">The ‘r’ in rUSDY stands for ‘rebasing’. rUSDY is intended to maintain a price of $1.00 per token (with the accruing yield being represented by the division of rUSDY tokens into more tokens via <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/rebasing">rebasing</a>). By contrast, the accruing yield of USDY tokens gets ‘accumulated’ into the price, such that the price of USDY is intended to appreciate over time. For example, let’s say you held 100 rUSDY tokens and 100 USDY tokens that were each worth a dollar. The next day the USDY price per token increased to $1.01 per token. After the price update and rebasing, your holdings of both rUSDY and USDY would each be worth $101.00. You would still have a balance of 100 USDY tokens worth $1.01 apiece. However, due to the rebasing nature of rUSDY tokens, you would now hold 101 rUSDY tokens worth $1.00 per token.</p>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl"><strong>How do I decide between USDY and rUSDY?</strong><a href="#how-do-i-decide-between-usdy-and-rusdy" id="how-do-i-decide-between-usdy-and-rusdy" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">While we believe many tokenholders will want to hold rUSDY because of its intended price stability, certain protocols, exchanges, or custodians may not support rebasing tokens. Regardless, converting between USDY and rUSDY is <a class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]" href="/general-access-products/usdy/usdy-vs-rebasing-usdy#how-do-i-convert-between-usdy-and-rusdy">easy</a>.</p>
<h3 class="nx-font-semibold nx-tracking-tight nx-text-slate-900 dark:nx-text-slate-100 nx-mt-8 nx-text-2xl"><strong>How do I convert between USDY and rUSDY?</strong><a href="#how-do-i-convert-between-usdy-and-rusdy" id="how-do-i-convert-between-usdy-and-rusdy" class="subheading-anchor" aria-label="Permalink for this section"></a></h3>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0">Use the <a href="https://ondo.finance/convert" target="_blank" rel="noreferrer" class="nx-text-primary-600 nx-underline nx-decoration-from-font [text-underline-position:from-font]">Ondo Converter<span class="nx-sr-only nx-select-none"> (opens in a new tab)</span></a> on our website to easily convert between USDY and rUSDY.</p>
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<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><strong>Legal Notice</strong></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>These pages are provided solely to facilitate your understanding of certain key features and terms of USDY and its issuer, and is qualified in all respects by the Tokenized Credit and Security Agreement, your Subscription Agreement, the Borrowing and Lending Memorandum, and the Limited Liability Company Agreement of Ondo USDY LLC.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>For the purposes of these pages, the capitalized term “Token” shall refer to the transferrable USDY token.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Neither these pages, nor any related links or discussions, nor any portion hereof or thereof, constitutes any offer to sell, or any solicitation of an offer to buy, any securities, including but not limited to USDY Tokens.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Neither these pages, nor any related links or discussions, nor any portion hereof of thereof, constitutes any representation, warranty or covenant on the part of Ondo Finance Inc., Ondo USDY LLC or any other person.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>These pages and their links contain, and officers, agents or representatives of Ondo Finance Inc. or Ondo USDY LLC may from time to time make, "forward-looking statements". Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Ondo Finance Inc., Ondo USDY LLC and their respective officers, agents and representatives. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>Acquiring USDY Tokens is speculative and involves substantial risks. There can be no assurances that a USDY Token holder will not incur losses, including total loss of their investment in USDY Tokens.</em></p>
<p class="nx-mt-6 nx-leading-7 first:nx-mt-0"><em>The USDY Tokens are not offered OR SOLD, and will not be offered OR SOLD, in the United States or to US persons. In addition, the USDY Tokens have not been registered under the Securities Act of 1933, as amended (the “Act”) or the securities laws of any other jurisdiction, and may not be offered, sold or otherwise transferred in the United States or to US persons unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available. Additional limitations on transfer also apply.</em></p><div class="nx-mt-16"></div><div class="nx-mb-8 nx-flex nx-items-center nx-border-t nx-pt-8 dark:nx-border-neutral-800 contrast-more:nx-border-neutral-400 dark:contrast-more:nx-border-neutral-400 print:nx-hidden"><a title="How It Works" class="nx-flex nx-max-w-[50%] nx-items-center nx-gap-1 nx-py-4 nx-text-base nx-font-medium nx-text-gray-600 nx-transition-colors [word-break:break-word] hover:nx-text-primary-600 dark:nx-text-gray-300 md:nx-text-lg ltr:nx-pr-4 rtl:nx-pl-4" href="/general-access-products/usdy/how-it-works"><svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-inline nx-h-5 nx-shrink-0 ltr:nx-rotate-180"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg>How It Works</a><a title="Rebasing" class="nx-flex nx-max-w-[50%] nx-items-center nx-gap-1 nx-py-4 nx-text-base nx-font-medium nx-text-gray-600 nx-transition-colors [word-break:break-word] hover:nx-text-primary-600 dark:nx-text-gray-300 md:nx-text-lg ltr:nx-ml-auto ltr:nx-pl-4 ltr:nx-text-right rtl:nx-mr-auto rtl:nx-pr-4 rtl:nx-text-left" href="/general-access-products/usdy/rebasing">Rebasing<svg fill="none" viewBox="0 0 24 24" stroke="currentColor" class="nx-inline nx-h-5 nx-shrink-0 rtl:nx-rotate-180"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 5l7 7-7 7"></path></svg></a></div></main></article></div><footer class="nx-bg-gray-100 nx-pb-[env(safe-area-inset-bottom)] dark:nx-bg-neutral-900 print:nx-bg-transparent"><div class="nx-mx-auto nx-flex nx-max-w-[90rem] nx-gap-2 nx-py-2 nx-px-4 nx-hidden"><button title="Change theme" class="nx-h-7 nx-rounded-md nx-px-2 nx-text-left nx-text-xs nx-font-medium nx-text-gray-600 nx-transition-colors dark:nx-text-gray-400 hover:nx-bg-gray-100 hover:nx-text-gray-900 dark:hover:nx-bg-primary-100/5 dark:hover:nx-text-gray-50" id="headlessui-listbox-button-:Rkt6:" type="button" aria-haspopup="listbox" aria-expanded="false" data-headlessui-state=""><div class="nx-flex nx-items-center nx-gap-2 nx-capitalize"><svg fill="none" viewBox="3 3 18 18" width="12" height="12" stroke="currentColor"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" fill="currentColor" d="M12 3v1m0 16v1m9-9h-1M4 12H3m15.364 6.364l-.707-.707M6.343 6.343l-.707-.707m12.728 0l-.707.707M6.343 17.657l-.707.707M16 12a4 4 0 11-8 0 4 4 0 018 0z"></path></svg><span class="">Light</span></div></button></div><hr class="dark:nx-border-neutral-800"/><div class="nx-mx-auto nx-flex nx-max-w-[90rem] nx-justify-center nx-py-12 nx-text-gray-600 dark:nx-text-gray-400 md:nx-justify-start nx-pl-[max(env(safe-area-inset-left),1.5rem)] nx-pr-[max(env(safe-area-inset-right),1.5rem)]">Ondo Finance Docs</div></footer></div></div></body></html>