Ondo US Dollar Yield USDY

What USDY actually is on-chain

Ondo US Dollar Yield is an ERC-20 deployed on Ethereum, at contract address 0x96f6ef951840721adbf46ac996b59e0235cb985c. That address, not the ticker USDY, is what uniquely identifies this asset: anyone can deploy a second token calling itself USDY, but the contract is unforgeable. Verify it against etherscan.io before sending funds or approving a spend.

Because it lives on Ethereum, USDY is held in any EVM-compatible wallet, transfers are paid for in ETH rather than in USDY itself, and secondary liquidity sits in Uniswap-style AMM pools. Two consequences follow for anyone setting alerts: you need ETH in the same wallet to move the token at all, and a quoted price taken from a pool is a pool price — it includes slippage that an order-book quote would not.

For USDY the project publishes a whitepaper, a public source repository and an active account as @ondofinance. Both a written specification and readable code exist, which is a materially higher bar than most assets in this size range clear. None of it is a quality judgement about the asset; it is simply what can be independently checked before the chart is worth looking at.

Where USDY sits in the market

At #60, Ondo US Dollar Yield sits in the bottom of the large-cap band, adjacent to the mid-cap cut-off. Down here the large-cap label is doing less work than it appears to. USDY is one revision away from the mid-cap band, and the practical consequences of crossing that line — index eligibility, market-maker commitments, how much size the book absorbs — change well before the ranking does.

CryptoPingAi is currently streaming 1 live USDY order book (Gate.io). That is thinner coverage than a #60 ranking would normally imply — a move on one of these books is close to the whole market for USDY, with no deep second venue to arbitrage it back. None of the books we see for USDY are regulated US or Korean venues, so this is an offshore-quoted asset — availability, and the price itself, depend on which jurisdiction you trade from.

USDY against its all-time high

USDY is 8.5% below the $1.26 record set on 2024-03-27. That is a shallow drawdown: the high itself is the nearest meaningful reference overhead, and the supply that changed hands near it is small enough that a retest is a mechanical question of flow rather than a structural one. Reclaiming the high needs only 1.09x from here. That high was set 3 years ago, recently enough that it still anchors how most current holders frame the asset.

USDY across its historical range

The recorded range is comparatively narrow: 1.35x between $0.9342 and $1.26. Either the price history is short, or the asset is designed not to move.

USDY trades within 23.4% of the all-time low of $0.9342 set on 2024-01-14. Below that mark the chart is blank — no prior trading means no support level to cite, no volume shelf and no cluster of cost basis to lean on. The low is old enough to have held as a floor across several market regimes — a materially different setup from one printed recently.

USDY supply structure

Only 62.3% of USDY's 1.89 billion USDY total supply is circulating; 715.0 million — 37.7% of the total — is not yet in the market. A float this narrow means the quoted price is set by a small fraction of the eventual supply, and the unlock schedule, not demand, is the dominant variable in the supply narrative. Thin float also amplifies both directions of any move.

What kind of asset USDY is

Ondo US Dollar Yield is pegged to the US dollar, so the only price question that matters is whether the peg holds; trend and momentum readings on a dollar peg describe noise, not direction. Our dataset does not record which backing model this token uses, which is itself worth resolving before holding it: reserve-backed, collateral-backed and algorithmic pegs fail in very different ways and on very different timescales. At a fully diluted value above a billion dollars it is large enough that its peg is defended by deep secondary liquidity, not only by the issuer's redemption promise.

CoinGecko files USDY under 10 categories, including Stablecoins, Tokenized Assets, Solana Ecosystem, Arbitrum Ecosystem, Ethereum Ecosystem. CoinGecko also records deployments on Solana (3,129 tracked tokens), Arbitrum (391 tracked tokens), Ethereum (3,072 tracked tokens), so on-chain liquidity is split across several networks and the cheapest venue depends on which deployment you are trading.

How to set a Ondo US Dollar Yield alert that is worth receiving

Ondo US Dollar Yield is the ERC-20 at 0x96f6…985c on Ethereum — quoted on 1 venue we stream — high dated 2024-03-27 — rank #60. On this profile the condition that carries signal is a peg-deviation band of roughly ±0.5% of par, with RSI ignored entirely.

Full alert-design method: thresholds, RSI/MACD and volume conditions →