OpenEden vs Ondo Finance: Tokenized Treasury Comparison 2026
OpenEden and Ondo Finance both specialize in bringing US Treasury yields on-chain. Their TBILL and USDY products compete directly in the tokenized treasury market. This comparison examines their approaches, yields, and institutional features to help investors choose the right treasury exposure.
Product Overview
OpenEden TBILL is a tokenized vault investing in short-term US Treasury bills. The product offers direct T-bill exposure with daily yield accrual, targeting institutional and qualified investors seeking on-chain treasury allocation. Ondo Finance USDY is a yield-bearing stablecoin backed by US Treasuries and bank deposits. USDY is designed as a compliant way to earn treasury yields while maintaining dollar stability.Yield Comparison
OpenEden TBILL Yields
- Current Rate: ~5% APY (tracks T-bill rates)
- Yield Source: Direct US Treasury bill holdings
- Accrual: Daily
- Distribution: Reflected in token value
- Fees: Management fee deducted from yield
Ondo USDY Yields
- Current Rate: ~5% APY (tracks treasury rates)
- Yield Source: US Treasuries + bank deposits
- Accrual: Continuous
- Distribution: Value appreciation
- Fees: Management fee structure
Both offer similar yields tied to short-term treasury rates. Differences lie in structure and fees.
Structural Differences
OpenEden Structure
- Legal Structure: Tokenized vault
- Underlying: Direct T-bill holdings
- NAV: Daily NAV calculation
- Custody: Regulated custodian
- Target: Institutional focus
Ondo Structure
- Legal Structure: Tokenized note
- Underlying: Treasuries + bank demand deposits
- Pricing: Continuous value accrual
- Custody: Qualified custodians
- Target: Retail and institutional
Compliance and Access
OpenEden Compliance
- KYC/AML: Required for all investors
- Investor Type: Qualified/institutional investors
- Geography: Global with restrictions
- Transfer: Whitelist-based transfers
- Regulatory: Singapore-regulated
Ondo Compliance
- KYC/AML: Required for minting
- Investor Type: US accredited + international
- Geography: Broader retail access internationally
- Transfer: Some restrictions
- Regulatory: US compliance framework
OpenEden is more institutional-focused; Ondo has broader retail accessibility.
DeFi Integration
OpenEden DeFi
- Primary Focus: Institutional/OTC
- DeFi Integration: Limited but growing
- Collateral Use: Developing
- Composability: Building partnerships
Ondo DeFi
- Primary Focus: DeFi-native
- DeFi Integration: Expanding rapidly
- Collateral Use: Growing acceptance
- Composability: Strategic protocol partnerships
Ondo has stronger DeFi presence; OpenEden focuses more on institutional channels.
Institutional Features
OpenEden Institutional
- Reporting: Institutional-grade reporting
- API Access: For institutional integration
- Minimum Investment: Higher minimums typical
- Service Level: White-glove institutional service
- Custody Solutions: Institutional custody options
Ondo Institutional
- Ondo Finance Suite: Multiple products
- API: Available for integration
- Minimum Investment: Lower barriers
- Partnerships: Major institutional relationships
- Multi-product: USDY, OUSG, and more
Both serve institutions; OpenEden is more exclusively institutional, Ondo serves broader market.
Risk Comparison
OpenEden Risks
- Treasury Risk: Minimal (US T-bills)
- Smart Contract Risk: Audited, newer
- Regulatory Risk: Singapore framework
- Liquidity Risk: Redemption processes in place
- Counterparty Risk: Custodian dependent
Ondo Risks
- Treasury Risk: Minimal (treasuries + deposits)
- Smart Contract Risk: Established, well-audited
- Regulatory Risk: US compliance
- Liquidity Risk: Good redemption liquidity
- Counterparty Risk: Qualified custodians
Both have low underlying risk; Ondo has longer track record.
Token Mechanics
TBILL Token
- Type: Value-accruing vault token
- Pricing: NAV-based
- Rebase: No (price appreciation)
- Chains: Multiple networks
USDY Token
- Type: Value-accruing note
- Pricing: Continuous appreciation
- Rebase: No
- Chains: Multi-chain deployment
Similar mechanics. Both appreciate in value as yields accrue.
Market Position
OpenEden Position
- Emerging player in tokenized treasuries
- Strong institutional focus
- Growing TVL
- Singapore-based operations
Ondo Position
- Market leader in RWA
- Broader market coverage
- Larger TVL
- US-based with global reach
Ondo has larger market presence; OpenEden is focused competitor.
Choose Based on Profile
Choose OpenEden When:
- You're an institutional investor
- You want direct T-bill exposure
- You prefer institutional-focused platform
- You're comfortable with Singapore regulation
- You want dedicated institutional service
Choose Ondo When:
- You want broader accessibility
- You value DeFi integration
- You prefer US regulatory framework
- You want multi-product platform
- You need established track record
Conclusion
OpenEden TBILL offers institutional-grade direct T-bill exposure with dedicated institutional service. Best for qualified investors seeking focused treasury allocation. Ondo Finance USDY offers broader accessibility with strong DeFi integration and established market position. Best for investors wanting versatile treasury exposure with DeFi composability.Both deliver similar treasury yields (~5%). Choose based on investor profile and integration needs.
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