MI4 vs USDY
Mantle Index Four Fund and Ondo US Dollar Yield, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and MI4/USDY spread
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Mantle Index Four Fund issues dollar-denominated tokenized real-world assets across 1 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
A yield-bearing note backed by short-term US Treasuries and bank deposits, tokenised for non-US holders.
Verdict band: Robust
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 62 | 88 | USDY |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 95 | USDY |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $2.17B | USDY |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 54 | USDY |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | 0.000% | Tie |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 69 | USDY |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $119.28M | $2.15B | USDY |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 11 chains | USDY |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 3.55% | USDY |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
USDY scores higher on safety (88 vs 62), driven mainly by collateral quality and disclosure. USDY has deeper tracked liquidity ($2.17B), which is what determines whether you can exit at size. USDY currently earns up to 3.55% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: MI4 or USDY?
Capital preservation over everything else.
For park cash safely, USDY is the better fit over MI4.
- Safety score 88 vs 62, with collateral rated 95/100.
- Current peg deviation 0.000% against 0.000% for MI4.
- No material depeg recorded for USDY in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
MI4
- Issuer and banking risk: reserves sit with Mantle Index Four Fund under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 100% of supply sits on Mantle.
USDY
- Issuer and banking risk: reserves sit with Ondo Finance under BVI rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Yield venue risk: 3.55% is earned outside the token itself.
| Metric | MI4 | USDY |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | Mantle Index Four Fund | Ondo Finance |
| Jurisdiction | Not documented | BVI |
| Collateral | treasuries | treasuries |
| Peg mechanism | asset-backed | fiat-backed |
| Attestation | monthly | monthly |
| Redemption | gated | gated |
| Price | $1.0000 | $1.1426 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $119.28M | $2.15B |
| 7d supply change | +0.59% | +0.08% |
| Liquidity | $0.00 | $2.17B |
| Best yield | None | 3.55% (ondo-yield-assets · Ethereum) |
| Chains | 1 | 11 |
| Launched | — | 2023 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (MI4 vs USDY)
- -1248.3 bps
- $1.0000 vs $1.1426
- Peg deviation gap
- 0.000 pp
- MI4 0.000% · USDY 0.000%
- Yield spread
- -3.55%
- MI4 — · USDY 3.55%
- Liquidity ratio
- 0.00×
- $0.00 vs $2.17B
A round trip between MI4 and USDY costs roughly the market spread plus venue fees. At 1248.3 bps of price gap, swapping $1M implies about $124.8K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how MI4 and USDY have actually behaved since launch, including every stress event we have on record.
- USDY
Ondo US Dollar Yield goes live.
Chain coverage
MI4 is live on 1 chains, USDY on 11. 1 chains carry both, so bridging is only unavoidable for the 10 networks where just one of them is deployed.
| Chain | MI4 | USDY | Both available |
|---|---|---|---|
| — | $1.11B | USDY only | |
| — | $534.19M | USDY only | |
| — | $258.11M | USDY only | |
| — | $179.09M | USDY only | |
| $119.28M | $28.58M | Yes | |
| — | $14.04M | USDY only | |
| — | $8.00M | USDY only | |
| — | $6.37M | USDY only | |
| — | $3.65M | USDY only | |
| — | $2.11M | USDY only | |
| — | $33.8K | USDY only |
MI4 vs USDY: frequently asked questions
Is MI4 or USDY safer?
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On our composite safety score USDY rates 88/100 versus 62/100 for MI4. The score weighs collateral quality (treasuries vs treasuries), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between MI4 and USDY?
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Mantle Index Four Fund is issued by Mantle Index Four Fund (Not documented), backed by treasuries, with redemption terms: gated. Ondo US Dollar Yield is issued by Ondo Finance (BVI), backed by treasuries, with redemption terms: gated. Attestation coverage is "monthly" for MI4 and "monthly" for USDY.
Which has the bigger market cap, MI4 or USDY?
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USDY is larger at $2.15B in circulating supply, against $119.28M for the other. Over the last 7 days supply moved +0.59% for MI4 and +0.08% for USDY.
Are MI4 and USDY trading at $1.00 right now?
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MI4 trades at $1.0000 (0.000% off peg) and USDY at $1.1426 (0.000% off peg). The gap between the two is about 1248.3 basis points, which is the cost you pay when rotating size between them before fees.
Has MI4 or USDY ever depegged?
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MI4: no material depeg recorded in our incident set. USDY: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, MI4 or USDY?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDY shows deeper on-chain liquidity at $2.17B versus $0.00. Combine that with the redemption channel — MI4: gated; USDY: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on MI4 or USDY?
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USDY currently shows the higher rate at 3.55% via ondo-yield-assets · Ethereum, against no tracked rate for MI4. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both MI4 and USDY?
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Both are deployed on 1 shared network, including Mantle. MI4 spans 1 chains in total and USDY spans 11. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from MI4 to USDY?
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Budget three components: the current price spread of roughly 1248.3 bps, swap or venue fees, and slippage against available depth ($0.00 for MI4, $2.17B for USDY). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is MI4 or USDY regulated?
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MI4 is issued from Not documented with monthly; USDY is issued from BVI with monthly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.