USDYc
What is USDYc?
USDYc, or “Cooking USDY,” is an onchain bookkeeping representation of the Temporary Global Certificate that is issued when a USDY subscription is made. You can learn more about Temporary Global Certificates here.
Can I hold or transfer USDYc?
No, USDYc is merely a bookkeeping device of the issuer. USDYc is non-transferable and is held only by the issuer, not by subscribers.
Why does USDYc exist, if it cannot be transferred or held by subscribers?
USDYc is a means of bringing off-chain data onchain. USDYc is used as an accounting mechanism so that the total number of USDY tokens not yet minted for subscriptions in the Restricted Period is recorded onchain. This allows onchain data aggregators to track USDY subscriptions that are still in the Restricted Period, so that they can accurately report data such as USDY’s TVL.
When is USDYc minted and burned?
When a Temporary Global Certificate is issued, USDYc tokens are minted. The number of USDYc tokens, or “Cooking USDY,” that are minted upon the issuance of the Temporary Global Certificate, is equivalent to the number of USDY tokens that will be minted after the conclusion of the Restricted Period. When the Restricted Period ends, USDY tokens are minted and the associated USDYc tokens are burned.
Legal Notice
These pages are provided solely to facilitate your understanding of certain key features and terms of USDY and its issuer, and is qualified in all respects by the Tokenized Credit and Security Agreement, your Subscription Agreement, the Borrowing and Lending Memorandum, and the Limited Liability Company Agreement of Ondo USDY LLC.
For the purposes of these pages, the capitalized term “Token” shall refer to the transferrable USDY token.
Neither these pages, nor any related links or discussions, nor any portion hereof or thereof, constitutes any offer to sell, or any solicitation of an offer to buy, any securities, including but not limited to USDY Tokens.
Neither these pages, nor any related links or discussions, nor any portion hereof of thereof, constitutes any representation, warranty or covenant on the part of Ondo Finance Inc., Ondo USDY LLC or any other person.
These pages and their links contain, and officers, agents or representatives of Ondo Finance Inc. or Ondo USDY LLC may from time to time make, "forward-looking statements". Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Ondo Finance Inc., Ondo USDY LLC and their respective officers, agents and representatives. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
Acquiring USDY Tokens is speculative and involves substantial risks. There can be no assurances that a USDY Token holder will not incur losses, including total loss of their investment in USDY Tokens.
The USDY Tokens are not offered OR SOLD, and will not be offered OR SOLD, in the United States or to US persons. In addition, the USDY Tokens have not been registered under the Securities Act of 1933, as amended (the “Act”) or the securities laws of any other jurisdiction, and may not be offered, sold or otherwise transferred in the United States or to US persons unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available. Additional limitations on transfer also apply.