USDYIs Ondo US Dollar Yield (USDY) a security?
#45 by market cap · Last updated Oct 19, 2026 (evidence re-checked)At a glance
Likely security-type risk- ConfidenceLowMedium-HighHigh
- US exchange accessNot on Coinbase US list
- Regulator (if enacted)SEC
- Evidence4 sources · 1 official
Is Ondo US Dollar Yield (USDY) a security?
Unclear. The issuer's own documents describe the token as a share or note in an investment fund or product offered under securities laws (or securities-law exemptions). The SEC states that 'a security is a security regardless of whether it is issued... onchain.'
This token is treated as a security, so US securities laws already apply to it. Whether you can buy or hold it depends on the issuer's own eligibility rules, so check the issuer's official documents before acting.
What should I do if my token is "security risk"? →
Why this status
- R4: the issuer's own documents describe the token as a share or note in an investment fund or product offered under securities laws (or securities-law exemptions). The SEC states that 'a security is a security regardless of whether it is issued... onchain.'
- This is a security by design, not a finding of wrongdoing. These products are usually only for eligible (often non-US or accredited) investors.
Decentralisation ("mature blockchain" test): Issuer-controlled fund share (centralized by design).
Evidence (4 sources)
1 official
- BackgroundThird-partyOct 19, 2026 · CoinGecko
No project description found on CoinGecko.
CoinGecko: Ondo US Dollar Yield ↗ - BackgroundThird-partyOct 19, 2026 · Ondo Finance
Issuer docs: USDY tokens have not been registered under the US Securities Act and may not be offered or sold to US persons unless registered or exempt. Issued by Ondo Global Markets (BVI).
Ondo: USDY important notes ↗ - Exchange listingThird-partyAbsent / not foundOct 19, 2026 · Coinbase
USDY does not appear on Coinbase's 'US (incl. NY) Trading Assets' list (other US platforms not checked).
Coinbase Digital Asset Disclosures: 'US (incl. NY) Trading Assets' list ↗ - RegulatorOfficial sourceMar 23, 2026 · Federal Register (SEC & CFTC)
SEC interpretation: 'A security is a security regardless of whether it is issued, or otherwise represented, offchain or onchain.' Tokenized securities remain securities.
SEC interpretation (with CFTC guidance): Application of the Federal Securities Laws to Certain Types of Crypto Assets, Release 33-11412 ↗
Rules by country
Likely security-type risk (ClarityCheck estimate, medium-high confidence). The CLARITY Act is not law, so today the SEC's and CFTC's existing frameworks apply.
Under MiCA, trading in the EU runs through authorised crypto-asset service providers (CASPs). We haven't yet checked token-specific MiCA white paper filings for USDY. ESMA register ↗
The UK's new FCA cryptoasset regime starts on Oct 25, 2027. Firms can apply from Sept 30, 2026 until Feb 28, 2027. There's no token-by-token classification list; the rules apply to the firms that offer the token. FCA ↗
USDY questions
Is Ondo US Dollar Yield (USDY) a security?
There's a strong basis for treating it as a security: The issuer's own documents describe the token as a share or note in an investment fund or product offered under securities laws (or securities-law exemptions). The SEC states that 'a security is a security regardless of whether it is issued... onchain.' Not legal advice.
Can I buy USDY on US exchanges?
US access: Not on Coinbase US list. Availability can differ by state and by exchange. See our exchange safety checker.
What would the CLARITY Act change for USDY?
This token is treated as a security, so US securities laws already apply to it. Whether you can buy or hold it depends on the issuer's own eligibility rules, so check the issuer's official documents before acting.
How reliable is this USDY status?
Confidence is Medium-High. It comes from fixed rules applied to 4 cited sources (checked Oct 19, 2026), not from opinion. Statuses can change as courts, regulators and Congress act.
Change log
2 entries
- Status reviewEvidence-based review: status set to 'Likely security-type risk' (Medium-High confidence) using ClarityCheck rules. Replaces earlier illustrative demo data.
- SEC interpretation: 'A security is a security regardless of whether it is issued, or otherwise represented, offchain or onchain.' Tokenized securities remain securities. Source ↗
Snapshot Oct 19, 2026 · Prices by CoinGecko