Additional CommentUSDY is issued by Ondo USDY LLC, a Delaware LLC, and complies with U.S. regulations under Regulation S, exempting it from SEC registration, and is registered with FinCEN as a money services business. OUSG is issued by Ondo I LP, a Delaware limited partnership, and is exempt from SEC registration under Regulation D (Rule 506(c)), allowing sales to accredited investors. It also operates under Section 3(c)(7) of the Investment Company Act, exempting it from being classified as an investment company, provided it only offers shares to qualified purchasers.
Additional CommentThe underlying assets of USDY, primarily U.S. Treasuries, are regulated by the U.S. Securities Act of 1933 and overseen by the U.S. Securities and Exchange Commission (SEC). The primary underlying asset of OUSG, the BUIDL Fund, is regulated as a Professional Fund under the British Virgin Islands Securities and Investment Business Act (Revised 2020).
Additional CommentUSDY is issued under Regulation S of the U.S. Securities Act of 1933, which allows securities to be offered to non-U.S. persons outside the U.S. without requiring SEC registration. As a result, USDY is not directly regulated by the SEC but must comply with AML regulations under FinCEN. USG is issued under Regulation D (Rule 506(c)) of the U.S. Securities Act of 1933, allowing it to be sold to accredited investors in the U.S. without SEC registration. Although not directly regulated by the SEC, OUSG is subject to strict investor qualification, KYC, and AML compliance.