OpenEden — USDO Vault
not rated yetUSDO (OpenDollar) is a regulated yield-bearing stablecoin issued by OpenEden Digital, a Bermuda Monetary Authority (BMA) licensed digital asset issuer. USDO is pegged 1:1 to the US dollar and fully collateralized, primarily by tokenized U.S. Treasury funds (OpenEden's TBILL, plus BlackRock BUIDL and VanEck VBILL), with a small stablecoin and cash sleeve (RLUSD, USDC). Its circulating supply has contracted by more than 90% from its mid-2025 peak.
How USDO works:
- USDO is backed mainly by OpenEden's TBILL tokens (tokenized U.S. Treasury Bills, about three-quarters of reserves in October 2026), alongside BUIDL, VBILL, RLUSD and USDC
- TBILL tokens hold a Moody's "A" rating (investment-grade) and S&P AA+ rating
- Yield is generated from U.S. Treasury Bills, providing real-world yield
- USDO is a rebasing token - your balance increases automatically as yield accrues
- Issued through a Segregated Account Company (SAC) - a bankruptcy-remote vehicle
- Real-time proof of reserves available on-chain
The TBILL Fund is managed by BNY Investments and its Treasuries are custodied at BNY; USDO's on-chain reserve tokens are held with BitGo.
Basic Information
Fundamentals
TVL
APR
Statistics
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| TVL Low | N/A | N/A | N/A | N/A | N/A |
Inflows | — | — | — | — | — |
Liquidity
Not calculated yet
Liquidity analysis will be available soon
Strategy
- Acquire USDO
- Mint USDO 1:1 with USDC on the OpenEden platform — primary minting is limited to KYC'd, non-US investors with a USD 100,000 minimum initial purchase
- Or purchase USDO on DEXs (Curve, Uniswap, Aerodrome)
- USDO is deployed on Ethereum, Base, BNB Chain and Kaia; cUSDO is also on Solana
- Hold USDO to earn yield
- USDO is a rebasing token - your balance grows automatically
- Yield is derived from U.S. Treasury Bills held in reserves
- No staking or locking required - simply hold USDO
- Yield accrues daily based on current T-Bill rates
- Alternative: Hold cUSDO (wrapped version)
- cUSDO is a non-rebasing wrapped version of USDO
- Value appreciates instead of balance increasing
- Better for DeFi integrations and certain tax jurisdictions
- Available on Solana as well as EVM chains
- Redeem anytime
- Redeem USDO 1:1 for USDC on the OpenEden platform (KYC'd, onboarded investors only)
- Or swap on DEXs for immediate liquidity
- Other holders can only exit through DEX liquidity, which is thin
Yield Source
U.S. Treasury Bill Yield
USDO is fully backed, mainly by TBILL tokens — a tokenized portfolio of short-dated U.S. Treasury Bills — together with other tokenized Treasury funds (BUIDL, VBILL) and a small stablecoin sleeve (RLUSD, USDC). The yield comes directly from the interest earned on these Treasury Bills, which are considered one of the safest investments globally as they are backed by the full faith and credit of the U.S. government.
Current yields reflect prevailing U.S. Treasury rates, typically tracking the Federal Funds Rate closely.
Rebasing Mechanism
USDO uses a rebasing mechanism where your token balance increases automatically as yield accrues. This means you don't need to claim rewards - they are reflected directly in your wallet balance.
For users who prefer non-rebasing tokens (e.g., for DeFi composability or tax reasons), cUSDO is available as a wrapped version where value appreciates instead of balance.
Institutional Infrastructure
The TBILL Fund, which makes up most of USDO's reserves, is managed by BNY Investments, with its Treasuries custodied at BNY — one of the world's largest custodian banks, with over $50 trillion in assets under custody. USDO's on-chain reserve tokens are held with BitGo.
Strategy Limits
Deterministic Constraints
- Yield is tied to U.S. Treasury Bill rates - if rates decrease, yield decreases
- Regulatory requirements may restrict access in certain jurisdictions
- Minting/redeeming directly on OpenEden requires KYC, non-US residency and a USD 100,000 minimum initial purchase
- Available on Ethereum, Base, BNB Chain and Kaia (cUSDO also on Solana)
Probabilistic Constraints
- DEX liquidity may vary - large swaps could experience slippage
- Regulatory changes could impact the product's availability
- Smart contract risks exist despite audits
- Protocol is relatively new (launched February 2025)
Underlying Assets/Allocations
Risk Analysis
not rated yetPotential Risks
Based on the official OpenEden risk disclosure:
- Reserve Asset Risk - Backing assets may depreciate through counterparty risks, market events, or defaults on U.S. Treasury Bonds (extremely rare but possible)
- Smart Contract Risk - Despite audits, smart contracts may contain vulnerabilities. No smart contract is entirely risk-free
- Blockchain Risk - Transactions are irreversible, which may lead to permanent loss in cases of errors or unauthorized transactions
- Regulatory Risk - Digital asset regulation is evolving. Changes could cause USDO to decrease in value or become unavailable
- Liquidity Risk - Market fluctuations may impact asset value and liquidity, especially during stressed conditions
- Banking Risk - Changes in OpenEden's banking relationships may temporarily affect deposit/withdrawal availability
- Third-Party Integration Risk - USDO's permissionless nature allows integration with unvetted third-party contracts
- Account Blocking Risk - Addresses associated with illegal activity may be blocked, resulting in loss of access to USDO
Note: No deposit insurance exists. OpenEden maintains Director & Officers and Errors & Omissions coverage.
Risk Analysis (3rd Parties)
Summary
OpenEden USDO provides access to U.S. Treasury Bill yields through a regulated, tokenized structure. Most of the backing (the TBILL Fund) holds investment-grade ratings from Moody's (A) and S&P (AA+f), with Treasuries custodied at BNY; the rest sits in other tokenized Treasury funds and stablecoins. The product offers institutional-grade infrastructure with on-chain accessibility. However, USDO launched in February 2025 with limited track record, and relies on centralized entities for operations. Key considerations include regulatory evolution, centralization risks, and the relatively new nature of the product.
Moody's "A" Rating: OpenEden's TBILL tokens are the first tokenized U.S. Treasury Bills globally to receive a Moody's investment-grade rating. This places them in the "upper-medium-grade" investment category.
S&P AA+ Rating: The TBILL Fund also received an AA+ rating from S&P Global, complementing the Moody's rating and providing additional third-party validation.
ChainSecurity Audit: The USDO smart contracts were audited by ChainSecurity in March 2025. No critical issues were found, and most operations are access-controlled with additional off-chain security procedures.
Regulatory Status: USDO is issued by OpenEden Digital, which holds a Digital Asset Business Act License from the Bermuda Monetary Authority (BMA). Issued through a Segregated Account Company (SAC) for bankruptcy protection.
New Protocol: USDO launched in February 2025 and has limited operational history. While backed by institutional infrastructure, the product is relatively new in the market.
Shrinking Supply & Thin Exit Liquidity: USDO's circulating supply has fallen by more than 90% from its mid-2025 peak and secondary-market volume is thin, so USDO has traded slightly below $1 on DEXs. Only KYC'd, onboarded investors can redeem 1:1 for USDC; everyone else depends on DEX liquidity to exit.
Centralization Risk: Unlike fully decentralized stablecoins, USDO relies on centralized entities (OpenEden, BNY Mellon) for custody and operations. The issuer can block addresses associated with illegal activity, potentially resulting in loss of access. USDO's upgradeable contract has seven privileged roles (mint, burn, pause, blacklist, upgrade, multiplier, admin) with no on-chain timelock, and the multisig threshold is not published (Credora, September 2026).