Superstate vs Ondo Finance: USTB vs OUSG
USTB is the Invesco Short Duration US Government Securities Fund, issued as tokens on Superstate's platform. OUSG is an interest in Ondo I LP, Ondo Finance's short-term US government fund. USDY, Ondo's note for non-US investors, is covered separately below.
Both are tokenized Treasury products for qualified purchasers that redeem into USDC. One holds Treasury bills directly; the other holds tokenized money funds run by State Street, BlackRock, Franklin and Fidelity.
Guide Thesis
USTB is the direct, single-fee Treasury fund. OUSG is the lower-ticket fund of funds, with published instant limits and another layer of fees inside its yield.
Start here
What you actually own
Three tokens, three legal forms. Two of them are private funds for qualified purchasers; the third is a note sold only outside the US.
| Token | What you own | Who can buy, minimum | How you get out | Tax form |
|---|---|---|---|---|
| USTB (Superstate) | A share of a private fund (a series of Superstate Asset Trust) holding Treasury bills directly; manager Invesco Advisers | Qualified purchasers, US and eligible non-US; $100,000 unless waived | Immediate USDC subject to liquidity; same-day USD | Not stated publicly |
| OUSG (Ondo) | An interest in Ondo I LP, which holds tokenized money funds (SWEEP, BUIDL, BENJI, FYOXX) | Accredited investors who are also qualified purchasers, outside 34 excluded jurisdictions; $5,000 instant, $100,000 standard | Instant USDC on Ethereum within $25M per investor per day; otherwise next business day | Schedule K-1 |
| USDY (Ondo, for reference) | A tokenized note of Ondo Global Markets (BVI) Limited secured by Treasuries, a Treasury ETF and deposits | Non-US persons only (Regulation S); professional investors in some markets | Redeem through Ondo or instant contracts | Not available to US persons |
TL;DR
The comparison in two sentences
USTB is a $725.5 million Invesco-managed fund of Treasury bills held directly, at a 0.15% fee, from $100,000, with continuous pricing and USDC redemptions that are immediate but liquidity-dependent. OUSG is a $318 million fund of other tokenized money funds, with its own 0.15% fee waived but 0.20% to 0.50% charged by the funds it holds, from $5,000 through instant trades capped at $25 million per investor per day, a once-a-day NAV and a K-1.
If you read nothing else: jump to the fees, including the layer underneath →
At a glance
Side-by-side at a glance
| Feature | USTB (Superstate) | OUSG (Ondo) |
|---|---|---|
| Vehicle | Series of Superstate Asset Trust (Delaware statutory trust) | Ondo I LP (Delaware limited partnership) |
| Manager | Invesco Advisers (since Q2 2026) | Ondo Capital Management (owned by Ondo Finance) |
| Holds | US Treasury bills, directly | Tokenized money funds: SWEEP, BUIDL, BENJI, FYOXX |
| Size | $725.5M (2026-10-22) | $318.4M tokenized (2026-10-23) |
| Eligibility | Qualified purchasers | Accredited investors who are also qualified purchasers |
| Minimum | $100,000 unless waived | $5,000 instant; $100,000 standard |
| Fee | 0.15%; 0.10% rebate above $25M | 0.15% (waived to 2027-01-01) plus underlying fund fees |
| Latest yield | 3.63% 30-day, net (2026-10-22) | 3.70% 30-day APY; 3.76% seven-day (2026-10-23) |
| USDC redemption | Immediate, any day, subject to liquidity | Instant on Ethereum, $25M per investor and $50M global per 24 hours |
| Pricing | Continuous NAV | NAV set once per business day |
| Networks | Ethereum, Solana, Plume; book-entry | Ethereum, XRP Ledger, Polygon, Solana |
| Auditor | PwC (named) | BPM LLP (Form ADV) |
| Tax form | Not stated publicly | Schedule K-1 |
Head-to-head
USTB vs OUSG, factor by factor
Six factors, from what each token holds to who stands behind it, with a $100,000 example after the fees and a separate section on USDY.
Treasury bills held directly vs a fund of tokenized money funds
USTB vs OUSG: What the Token Holds
USTB, now the Invesco Short Duration US Government Securities Fund, is a series of Superstate Asset Trust, a Delaware statutory trust. Invesco Advisers has managed it since the second quarter of 2026, BNY Mellon is custodian, PwC is named as auditor, and Superstate Services, an SEC-registered transfer agent, keeps the register. It holds Treasury bills directly: 35 maturities from October 2026 to March 2027 on its page, $725.5 million of assets on October 22, 2026. OUSG is an interest in Ondo I LP, a Delaware limited partnership whose general partner, Ondo I GP LLC, and adviser, Ondo Capital Management (SEC-registered, CRD 325197), are both owned by Ondo Finance Inc. It holds its Treasury exposure through other tokenized funds. On October 23, 2026, Ondo's page showed $319.4 million of underlying assets: State Street's Galaxy Onchain Liquidity Sweep Fund (SWEEP) 47.49%, BlackRock's BUIDL 31.96%, Franklin's BENJI (FOBXX) 12.18%, Fidelity's FYOXX 7.38%, and USDC and bank deposits about 1%. The adviser's Form ADV names NAV Consulting as administrator and BPM LLP as auditor. Ondo's own documentation says OUSG is not a money market fund.
Practical answer
USTB is a Treasury-bill fund. OUSG is a fund of funds whose holdings have changed over time: its current page leads with a State Street fund that launched in May 2026, while its FAQ still describes the portfolio as mostly BUIDL. Read OUSG's holdings table on the day you subscribe.
| Decision factor | What changes |
|---|---|
| Vehicle | USTB: series of Superstate Asset Trust (Delaware statutory trust). OUSG: Ondo I LP (Delaware limited partnership). |
| Manager | USTB: Invesco Advisers. OUSG: Ondo Capital Management, owned by Ondo Finance. |
| Holdings | USTB: US Treasury bills, held directly. OUSG: SWEEP 47.49%, BUIDL 31.96%, BENJI 12.18%, FYOXX 7.38%, cash about 1% (2026-10-23). |
| Service providers | USTB: BNY Mellon custody, PwC named auditor, NAV Fund Services, Superstate Services transfer agent. OUSG: NAV Consulting administrator, BPM LLP auditor, custodians including BitGo, Coinbase, Circle and JPMorgan. |
Qualified purchasers for both, with different minimums
USTB vs OUSG: Who Can Buy
Both rely on Rule 506(c) and Section 3(c)(7), so both are for qualified purchasers: in general, individuals with at least $5 million of investments or entities with $25 million. Ondo states the requirement as both accredited investor (verified with evidence) and qualified purchaser (self-attested); Superstate's USTB page says 'Accredited Investors and Qualified Purchasers', and its 3(c)(7) reliance requires qualified-purchaser status. Neither fund is US-only. Superstate Advisers' Form ADV reported 83 beneficial owners of USTB at the end of 2025, 46% of them non-US. Ondo Capital Management's Form ADV reports about 30 beneficial owners of OUSG, 98% non-US, and Ondo excludes investors in 34 jurisdictions. Onboarding runs through each company's portal with KYC and wallet allowlisting (Ondo's OndoIDRegistry; Superstate's allowlist).
Practical answer
The eligibility bar is the same. The entry ticket is not: OUSG starts at $5,000 through its instant route, USTB at $100,000.
| Decision factor | What changes |
|---|---|
| Eligibility | USTB: qualified purchasers (page also names accredited investors). OUSG: accredited investors who are also qualified purchasers. |
| Minimum | USTB: $100,000 unless waived. OUSG: $5,000 instant; $100,000 to invest and $50,000 to redeem through the standard process. |
| Non-US investors | USTB: eligible; 46% of owners non-US at end-2025. OUSG: eligible outside 34 excluded jurisdictions; 98% non-US per its adviser. |
| Holders on record | USTB: 114 investors on its Form D since 2024. OUSG: 84 on its Form D (January 2026); about 30 beneficial owners per its ADV; 70 on-chain holders (rwa.xyz). |
One 0.15% fee vs a waived 0.15% fee on top of underlying fund fees
USTB vs OUSG: Fees, Including the Layer Underneath
USTB's page states a 0.15% management fee, with Invesco rebating 0.10% monthly on an investor's average daily holding above $25 million, and no performance fee; its yield is shown net of fees and expenses. The holder pays gas and wire fees. OUSG's management fee is 0.15%, which Ondo's site says is waived until January 1, 2027 (the adviser's Form ADV of May 13, 2026 said 'waived through July 1, 2026'), and its fund expenses are capped at 0.15%; instant mints and redemptions are free. But OUSG holds other funds, and their fees come out of the returns OUSG receives: SWEEP 0.50%, BUIDL 0.20% to 0.50% depending on share class and network, BENJI 0.20%, and FYOXX 0.20% after a waiver, per rwa.xyz's fund data. Weighted by OUSG's October 23 holdings, that underlying layer works out to roughly 0.34% to 0.44% a year (AltStreet arithmetic), before OUSG's own fee and expenses.
Practical answer
On stated fees USTB and OUSG are both 0.15%, and OUSG's is waived for now. Counting the funds OUSG holds, USTB is the single-layer, lower-cost structure; the yields both publish are already after their costs, which is the fairer comparison.
| Decision factor | What changes |
|---|---|
| Management fee | USTB: 0.15% (0.10% rebate above $25M). OUSG: 0.15%, waived until 2027-01-01 per Ondo's site. |
| Other costs | USTB: total expense ratio not published; gas paid by the holder. OUSG: fund expenses capped at 0.15%; instant mint and redeem free. |
| Underlying fund fees | USTB: none (direct bills). OUSG: about 0.34% to 0.44% weighted (SWEEP 0.50%, BUIDL 0.20 to 0.50%, BENJI 0.20%, FYOXX 0.20%). |
| Published yield | USTB: 3.63% 30-day yield, net (2026-10-22). OUSG: 3.70% 30-day APY and 3.76% seven-day yield (2026-10-23). |
Worked example
What $100,000 buys, at each fund's latest published yield
AltStreet arithmetic on each fund's latest 30-day figure held constant for a year, which it will not be. USTB's is a 30-day yield and OUSG's a 30-day APY, published a day apart, so treat the gap as indicative. Before tax.
| Item | USTB | OUSG |
|---|---|---|
| What $100,000 buys | About 8,885 shares at $11.2554 (2026-10-22) | About 855 OUSG at $117.0111 (2026-10-23) |
| Income at the latest yield | About $3,630 a year at 3.63%, added to the price | About $3,700 a year at 3.70%, added to the price |
| Fees already inside that yield | 0.15% management fee, about $150 | OUSG's own fee waived; underlying funds about 0.34% to 0.44%, roughly $340 to $440 |
| Route at this size | Standard subscription; immediate USDC redemption subject to liquidity | Instant mint and redeem on Ethereum ($5,000 minimum, within the daily limits) |
| Tax paperwork | Not stated publicly | Schedule K-1 |
The yields were close on these dates even though OUSG carries more fees underneath, partly because one of its holdings, State Street's SWEEP, showed a 5.54% seven-day yield on Ondo's page, well above the other funds and above the 3.47% rwa.xyz showed for it. AltStreet has not reconciled the two figures. If OUSG's fee waiver ends as scheduled on January 1, 2027, its yield falls by up to 0.15%.
Liquidity-dependent instant redemption vs published per-investor limits
USTB vs OUSG: Getting USDC Back
USTB is priced continuously. Superstate's documentation says USDC redemptions are paid immediately, including on non-business days, 'subject to available liquidity', and dollar redemptions the same day if received before 1pm ET. USTB also offers Protocol Redeem, a one-transaction redemption on Ethereum that its risk factors describe as available 'when available', within dynamic daily caps, funded by a liquidity facility with an affiliated provider whose claims would rank senior to shareholders in a default or insolvency. OUSG's instant redemptions are free, Ethereum-only, limited to $25 million per investor and $50 million across all investors in each 24 hours, and depend on Circle's USDC availability; they can be paid in USDC, PYUSD or RLUSD. Beyond those limits, standard redemptions have a 4pm ET cutoff and settle the next NYSE business day. OUSG's NAV is set once a business day, around 4pm to 6pm ET, while USTB's price updates continuously.
Practical answer
Both pay USDC fast in normal markets. OUSG tells you its ceiling in dollars; USTB tells you the instant route depends on liquidity, and its fastest on-chain path depends on an unnamed affiliated lender that ranks ahead of you.
| Decision factor | What changes |
|---|---|
| Instant route | USTB: immediate USDC, any day, subject to available liquidity; Protocol Redeem within dynamic caps. OUSG: instant on Ethereum, $25M per investor and $50M global per 24 hours. |
| Standard route | USTB: same-day USD before 1pm ET. OUSG: next business day after a 4pm ET cutoff ($50,000 minimum). |
| Stablecoins | USTB: USDC on Ethereum, Solana or Plume. OUSG: USDC, PYUSD or RLUSD. |
| Pricing | USTB: continuous NAV per share ($11.2554 on 2026-10-22). OUSG: NAV set once per business day ($117.0111 on 2026-10-23). |
$725.5 million on three networks vs $318 million on four
USTB vs OUSG: Size, Networks and Tax
USTB showed $725.5 million on October 22, 2026, 71.57% of it on Ethereum, 27.76% in book-entry and the rest on Solana and Plume; its Form D reports $5.92 billion of cumulative subscriptions from 114 investors since February 2024, a measure of turnover rather than size. OUSG's tokenized supply was $318.4 million on October 23 per Ondo's page and rwa.xyz, held on the XRP Ledger and Ethereum, with Polygon and Solana also supported; its Form D reports $1.86 billion of cumulative subscriptions from 84 investors. Ondo Capital Management's Form ADV reported $952.5 million of gross assets in May 2026, a figure that includes interests held in book-entry and is not comparable to the tokenized supply. Both funds accumulate income into the price rather than paying distributions. OUSG is a partnership that issues Schedule K-1s; Superstate's public pages do not state how USTB income is reported.
Practical answer
USTB is the larger tokenized fund today. Both are accumulating-price tokens; OUSG's K-1 is a practical cost for taxable investors that USTB's public materials neither confirm nor rule out.
| Decision factor | What changes |
|---|---|
| Size | USTB: $725.5M (2026-10-22). OUSG: $318.4M tokenized (2026-10-23); $952.5M gross assets per its May 2026 ADV, a different measure. |
| Networks | USTB: Ethereum, Solana, Plume; book-entry. OUSG: Ethereum, XRP Ledger, Polygon, Solana. |
| Income | Both: accrues into the token price; no distributions. |
| Tax form | USTB: not stated publicly. OUSG: Schedule K-1 (partnership). |
Two allowlisted tokens with different sponsors behind them
USTB vs OUSG: Control, Disclosure and Corporate Matters
Both tokens move only between approved wallets. Superstate's contracts are upgradeable and its admin address can mint, change the allowlist and force-burn a holder's tokens; Ondo restricts OUSG to wallets in its OndoIDRegistry and supports only non-custodial wallets. Both publish daily holdings and yields; neither publishes audited financial statements, which sit in each investor portal. On the corporate side, Ondo said in December 2025 that the SEC had closed an investigation into the company without charges (the SEC did not comment). After founder Nathan Allman's death in May 2026, a dispute over control of Ondo Finance was filed in the Delaware Court of Chancery (Kathleen C. Allman v. Ondo Finance Inc., reported as filed July 24, 2026), and press reports describe an order letting management run day-to-day operations while blocking major changes; AltStreet has not reviewed the docket. Superstate's chief executive, Robert Leshner, is a defendant in a pending class action over the Compound protocol he founded earlier, contested allegations that do not involve Superstate. AltStreet located no enforcement action naming either company or fund.
Practical answer
Neither token is a bearer asset. The sponsor matters more for OUSG, where Ondo is both manager and token issuer, than for USTB, where Invesco manages and Superstate keeps the register.
| Decision factor | What changes |
|---|---|
| Token control | USTB: allowlist; admin can force-burn. OUSG: OndoIDRegistry allowlist; non-custodial wallets only. |
| Public disclosure | USTB: dated bill-by-bill holdings, NAV and yield. OUSG: dated holdings by fund, NAV and yields. |
| Sponsor matters | USTB: CEO named in a pending Compound class action (personal, contested). OUSG: SEC probe closed per Ondo (2025); Chancery control dispute pending (2026). |
USTB vs USDY
Where USDY fits: a different structure for a different investor
USDY is not a share of a fund. It is a tokenized note issued by Ondo Global Markets (BVI) Limited (formerly issued by Ondo USDY LLC), secured, depending on when it was issued, by short-term Treasuries, shares of a short Treasury ETF or bank deposits. It is sold under Regulation S and is closed to US persons, Canada and sanctioned jurisdictions; the EEA, UK, Switzerland, Singapore, Hong Kong, Malaysia and Brazil require professional or qualified-investor status. Its yield is not passed through from the collateral: Ondo's page says the APY 'is set monthly by Ondo', 3.75% on October 22, 2026, and rwa.xyz describes Ondo as keeping the spread above what the collateral earns. USDY accumulates in price ($1.1506 that day), and a rebasing version, rUSDY, holds at $1.00. Ondo's page showed $2.06 billion of USDY outstanding against $2.40 billion of underlying assets, while stating a collateralization ratio of 153.73%, which those two figures do not produce; a footnote excludes Treasuries used in structured financing under a credit agreement. The token contract enforces an allowlist, a blocklist and a sanctions check on every transfer, and has an administrative burn function.
| Feature | USTB | USDY |
|---|---|---|
| Legal form | Share of a private fund | Secured note of a BVI issuer |
| Who can buy | Qualified purchasers, US and eligible non-US | Non-US persons only; professional investors in several markets |
| Yield | What the bills earn, less 0.15% (3.63% 30-day, 2026-10-22) | A rate Ondo sets monthly (3.75% APY, 2026-10-22) |
| Size | $725.5M | $2.06B outstanding (2026-10-22) |
| Variants | One token; book-entry option | Accumulating USDY or rebasing rUSDY (mUSD on Mantle) |
For a US investor the choice is not USTB or USDY but USTB or OUSG. For a non-US investor who is not a qualified purchaser, USDY may be available where neither fund is; that investor is buying Ondo's credit and its rate-setting, not a pass-through of Treasury income.
Final read
Bottom line
USTB and OUSG serve the same qualified purchaser with the same promise, Treasury yield that settles in USDC, and get there differently. USTB is the direct route: Invesco managing a portfolio of Treasury bills under one 0.15% fee, priced continuously, with the larger tokenized balance. OUSG is the packaged route: a fund of other managers' tokenized money funds, open from $5,000 through instant trades with published daily limits, but carrying the underlying funds' fees inside its yield, a holdings mix that has changed over the year, a once-daily NAV and a K-1.
The redemption mechanics deserve a look on both sides: OUSG states its instant ceilings in dollars, while USTB's instant USDC route is liquidity-dependent and its fastest on-chain path relies on an affiliated lender ranked ahead of shareholders. USDY belongs to a different decision, available only outside the US.
Primary sources
Sources and access
USTB / Superstate
- ›USTB fund page (as displayed October 22, 2026): Assets, NAV, yield, fee and rebate, holdings, networks, service providers, risk factors.
- ›Superstate documentation: USTB: Minimum, subscription and redemption timing, allowlist transfers.
- ›USTB Form D filings (CIK 2004367): Rule 506(c) and 3(c)(7); $5.92B sold to 114 investors.
OUSG and USDY / Ondo
- ›OUSG product page (as displayed October 23, 2026): Holdings by fund, price, yields, fee waiver.
- ›Ondo documentation: investing and instant limits: Minimums, cutoffs, $25M and $50M daily limits, Ethereum-only instant route.
- ›Ondo documentation: eligibility: Accredited investor and qualified purchaser requirements; excluded jurisdictions.
- ›Ondo documentation: OUSG investing: Standard minimums and settlement.
- ›Ondo I LP Form D filings (CIK 1957431): $1.86B sold to 84 investors (D/A, January 20, 2026).
- ›Ondo Capital Management Form ADV (May 13, 2026): Auditor, administrator, custodians, owners, fee waiver note.
- ›USDY product page and eligibility: Issuer, APY, holdings, Regulation S restrictions.
- ›USDY eligibility documentation: Prohibited and restricted jurisdictions.
FAQs
Superstate vs Ondo: Common questions
What is the difference between Superstate and Ondo?＋
Both sell tokenized Treasury exposure to qualified purchasers, but they are built differently. Superstate runs a shelf of private funds and the SEC-registered transfer agent that keeps their registers; its Treasury fund, USTB, is now managed by Invesco and holds Treasury bills directly. Ondo Finance sponsors its own products: OUSG is an interest in Ondo I LP, a Delaware limited partnership advised by Ondo Capital Management, which holds its Treasury exposure through other tokenized funds; USDY is a separate tokenized note for non-US investors only.
Should I choose USTB or OUSG?＋
If you want one layer of fees and bills held directly, USTB is the simpler instrument: a 0.15% fee on a portfolio of Treasury bills, with Invesco as manager and BNY Mellon as custodian. If you want a lower entry point for instant trades ($5,000 against USTB's $100,000 minimum), published per-investor limits on instant redemption and more networks, OUSG offers that, but its returns are net of the fees of the funds it holds, its NAV updates once a business day, and it reports through a K-1. Both require qualified-purchaser status, and neither is a registered fund.
Can U.S. investors buy both?＋
Yes, if they qualify. USTB relies on Section 3(c)(7), which limits buyers to qualified purchasers; Superstate's page also mentions accredited investors, so read the requirement as both. OUSG requires both: accredited-investor status with evidence and qualified-purchaser status by self-attestation. Neither is limited to US investors: Superstate Advisers' Form ADV reported 46% of USTB's beneficial owners as non-US at the end of 2025, and Ondo's adviser reports OUSG as 98% owned by non-US persons, with 34 jurisdictions excluded. USDY, Ondo's other product, is closed to US persons.
How do their fees and minimum investments compare?＋
USTB charges a 0.15% management fee, with Invesco rebating 0.10% on average holdings above $25 million; its minimum is $100,000 unless Superstate waives it, and the holder pays gas. OUSG charges a 0.15% management fee that Ondo's site says is waived until January 1, 2027 (the adviser's May 2026 Form ADV said through July 1, 2026), caps fund expenses at 0.15%, and charges nothing for instant mints and redemptions; but the funds OUSG holds charge their own fees, from 0.20% to 0.50%, which reduce what OUSG earns. OUSG's minimums are $5,000 for instant mints and redemptions, and $100,000 to invest and $50,000 to redeem through the standard process.
Which offers faster USDC redemptions?＋
Both pay USDC around the clock in normal conditions. Superstate's documentation says USTB redemptions in USDC are paid immediately, including on non-business days, subject to available liquidity, and USTB's one-transaction Protocol Redeem works within dynamic daily caps on a liquidity facility from an affiliated provider whose claims rank ahead of shareholders. OUSG's instant redemptions are fee-free on Ethereum only, limited to $25 million per investor and $50 million across all investors every 24 hours, and depend on Circle's USDC availability; above the limits, standard redemptions settle the next business day after a 4pm ET cutoff. OUSG publishes its limits; USTB's are described as liquidity-dependent.
Do the tokens hold Treasuries directly or invest through other funds?＋
USTB holds Treasury bills directly: its page lists 35 bills maturing between October 2026 and March 2027. OUSG holds its Treasury exposure through other funds. On October 23, 2026, Ondo's page showed 47.49% in State Street's Galaxy Onchain Liquidity Sweep Fund, 31.96% in BlackRock's BUIDL, 12.18% in Franklin's BENJI (FOBXX), 7.38% in Fidelity's FYOXX and about 1% in USDC and deposits. Ondo's documentation says direct Treasury holdings may be added in the future.
USTB vs USDY: which can I hold?＋
Usually only one of them. USDY is a tokenized note issued by Ondo Global Markets (BVI) Limited under Regulation S, closed to US persons, Canada and sanctioned jurisdictions, and limited to professional or qualified investors in the EEA, UK, Switzerland, Singapore, Hong Kong and some other markets. USTB is a private fund for qualified purchasers, including eligible non-US investors. A US qualified purchaser can hold USTB and not USDY; a non-US investor who is not a qualified purchaser may be able to hold USDY and not USTB.
What are the alternatives to Superstate and Ondo?＋
For qualified purchasers, BlackRock's BUIDL, issued through Securitize, is the largest institutional alternative (see Superstate vs Securitize). For US retail investors who are not qualified purchasers, Franklin Templeton's FOBXX (BENJI tokens) is an SEC-registered government money market fund from $20 (see Superstate vs Franklin Benji), and Figure's YLDS is an SEC-registered certificate with no minimum.
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