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.

USDY Legal Disclaimer

USDY tokens have not been registered under the US Securities Act of 1933, as amended ("Act") or the securities or financial instrument laws of any other jurisdiction, and may not be offered or sold in the US or to US persons unless registered under the Act or an exemption from the registration requirements thereof is available. The Tokens are offered and sold in the European Economic Area and the United Kingdom solely to qualified investors, and in Switzerland solely to professional clients. Other jurisdiction-based prohibitions and restrictions apply. Ondo USDY LLC, the issuer of USDY, is not registered as an investment company under the US Investment Company Act of 1940, as amended, or as an Alternative Investment Fund or Undertaking for Collective Investment in Transferable Securities in the European Economic Area, or under the securities or financial instrument laws of any other jurisdiction. Nothing herein constitutes any offer to sell, or any solicitation of an offer to buy, USDY. Nothing herein constitutes investing advice. Acquiring USDY involves risks. A USDY holder may incur losses, including total loss of their purchase price. Past performance is not an indication of future results. Additional terms apply. See docs.ondo.finance/legal/terms-of-service, docs.ondo.finance/general-access-products/usdy and ondo.finance/usdy (opens in a new tab) for details.