Ondo Finance tokenises U.S. Treasuries (OUSG) and short‑term corporate notes (USDY), letting DeFi users earn off‑chain yield without KYC for small tickets. Redemptions above $100k trigger regulated KYC/AML, and tokens are soul‑bounded during the settlement window to comply with securities exemptions. OUSG is used as backing collateral for Flux’s RWA stablecoin and is integrated in Curve’s stableswap set.