OUSG

Ondo Short-Term US Government Bond Fund

Issued by Ondo I LP

Overall risk score49.1

Smart Contract Security

65

Executive Summary

bench3.ai assessed the identified OUSG public execution surfaces on Ethereum, Polygon, Solana and XRP Ledger. The work addressed deployment identity, permissioned transfers, privileged issuance and redemption, NAV consumption, dormant-network posture, non-EVM issuer controls, cross-ledger reconciliation evidence, and the public relationship between token balances and interests in Ondo I LP. [E01-E06; S01-S08; S10; S11]

Assessment conclusion

OUSG-KR-01 is an open known control risk: the reviewed TOKENIZED_RWA price path exposes a timestamp but does not enforce a maximum age before use. The technical condition is established. Authoritative NAV-validity rules, the effectiveness of compensating operating controls and realistic economic exposure were not sufficiently evidenced to assign a risk rating. No investor-loss vulnerability was substantiated; that evidence limit is not a low-risk conclusion. Four additional control observations remain applicable to the assessed deployments.

ClassificationRecorded result
Severity-assigned vulnerabilitiesCritical 0 | High 0 | Medium 0 | Low 0
Known unresolved risks1; OUSG-KR-01. Technical condition established; economic risk rating unassigned. This item is excluded from the severity totals above, not dismissed.
Control observations4; privileged control, dormant-network reactivation, XRP Ledger operations and cross-ledger reconciliation
Unconfirmed candidates0

Market Data

Total Asset Value
$320.13M
7D Annualized Net Yield
3.66%

Overall assessment

49.1

OUSG provides exposure to short-term U.S. government investments through a private fund. Its immediate USDC exit route depends on available inventory.

Rating details

Assessed

Asset scope

Ondo Short-Term US Government Bond Fund and Ondo I LP

Source dates to

Underlying assets

Portfolio risk

56.2

Fund or portfolio credit quality

80

Portfolio maturity

15

Currency mismatch

10

Non-sovereign concentration

15

Five-day portfolio liquidity

75

Custodian quality

25

Custodian institution

25

Custody records and asset controls

25

Token structure

Investor protection

15

Holder claim

10

Insolvency protection

20

Backing and reconciliation

42.5

Fund accounting and assurance

65

Token backing reconciliation

20

Redemption and Exit

62.5

Redemption timing

100

Exit performance and suspension

25

Counterparties

Legal standing

47.5

Holder vehicle regulation

40

Service-provider permissions

65

Operating history

25

Manager and registry operating history

25

Operations

25

Service continuity

25

Blockchain networks

Ethereum, Polygon, Solana, xrpl

Sources