ONDO vs USDSM
Ondo Yield Assets and Stable Mint USD, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and ONDO/USDSM spread
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Ondo Yield Assets issues dollar-denominated tokenized real-world assets across 10 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
Stable Mint USD is a dollar-denominated token tracked across 4 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Caution
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 66 | 39 | ONDO |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 55 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $0.00 | Tie |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 48 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | −2.249% | ONDO |
| 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 | 53 | Tie |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $2.52B | $12.19M | ONDO |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 10 chains | 4 chains | ONDO |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | None | Tie |
"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
ONDO scores higher on safety (66 vs 39), driven mainly by collateral quality and disclosure. ONDO has deeper tracked liquidity ($0.00), which is what determines whether you can exit at size.
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: ONDO or USDSM?
Capital preservation over everything else.
For park cash safely, ONDO is the better fit over USDSM.
- Safety score 66 vs 39, with collateral rated 55/100.
- Current peg deviation 0.000% against -2.249% for USDSM.
- No material depeg recorded for ONDO 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
ONDO
- Issuer and banking risk: reserves sit with Ondo Yield Assets under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
USDSM
- Issuer and banking risk: reserves sit with Undisclosed under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
| Metric | ONDO | USDSM |
|---|---|---|
| Category | Tokenized Treasury | Stablecoin |
| Issuer | Ondo Yield Assets | Undisclosed |
| Jurisdiction | Not documented | Not documented |
| Collateral | treasuries | fiat-backed |
| Peg mechanism | asset-backed | fiat-backed |
| Attestation | monthly | none |
| Redemption | gated | market-only |
| Price | $1.0000 | $0.9775 |
| Peg deviation | 0.000% | −2.249% |
| Market cap | $2.52B | $12.19M |
| 7d supply change | −0.19% | −0.06% |
| Liquidity | $0.00 | $0.00 |
| Best yield | None | None |
| Chains | 10 | 4 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (ONDO vs USDSM)
- +230.1 bps
- $1.0000 vs $0.9775
- Peg deviation gap
- -2.249 pp
- ONDO 0.000% · USDSM −2.249%
- Yield spread
- +0.00%
- ONDO — · USDSM —
- Liquidity ratio
- —
- $0.00 vs $0.00
A round trip between ONDO and USDSM costs roughly the market spread plus venue fees. At 230.1 bps of price gap, swapping $1M implies about $23.0K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
ONDO is live on 10 chains, USDSM on 4. 2 chains carry both, so bridging is only unavoidable for the 10 networks where just one of them is deployed.
| Chain | ONDO | USDSM | Both available |
|---|---|---|---|
| $1.27B | $4.99M | Yes | |
| $532.58M | — | ONDO only | |
| $257.34M | — | ONDO only | |
| $212.85M | — | ONDO only | |
| $178.55M | — | ONDO only | |
| $28.49M | — | ONDO only | |
| $14.36M | — | ONDO only | |
| $14.00M | — | ONDO only | |
| — | $6.07M | USDSM only | |
| $3.64M | $552.5K | Yes | |
| $2.10M | — | ONDO only | |
| — | $579.7K | USDSM only |
ONDO vs USDSM: frequently asked questions
Is ONDO or USDSM safer?
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On our composite safety score ONDO rates 66/100 versus 39/100 for USDSM. The score weighs collateral quality (treasuries vs fiat-backed), 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 ONDO and USDSM?
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Ondo Yield Assets is issued by Ondo Yield Assets (Not documented), backed by treasuries, with redemption terms: gated. Stable Mint USD is issued by Undisclosed (Not documented), backed by fiat-backed, with redemption terms: market-only. Attestation coverage is "monthly" for ONDO and "none" for USDSM.
Which has the bigger market cap, ONDO or USDSM?
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ONDO is larger at $2.52B in circulating supply, against $12.19M for the other. Over the last 7 days supply moved −0.19% for ONDO and −0.06% for USDSM.
Are ONDO and USDSM trading at $1.00 right now?
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ONDO trades at $1.0000 (0.000% off peg) and USDSM at $0.9775 (−2.249% off peg). The gap between the two is about 230.1 basis points, which is the cost you pay when rotating size between them before fees.
Has ONDO or USDSM ever depegged?
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ONDO: no material depeg recorded in our incident set. USDSM: 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, ONDO or USDSM?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. ONDO shows deeper on-chain liquidity at $0.00 versus $0.00. Combine that with the redemption channel — ONDO: gated; USDSM: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on ONDO or USDSM?
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Neither ONDO nor USDSM currently has a tracked yield venue in our dataset. Holding either in a wallet pays nothing; any advertised rate comes from lending or liquidity provision on top, with its own risk.
Which chains support both ONDO and USDSM?
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Both are deployed on 2 shared networks, including Ethereum, Arbitrum. ONDO spans 10 chains in total and USDSM spans 4. 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 ONDO to USDSM?
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Budget three components: the current price spread of roughly 230.1 bps, swap or venue fees, and slippage against available depth ($0.00 for ONDO, $0.00 for USDSM). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is ONDO or USDSM regulated?
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ONDO is issued from Not documented with monthly; USDSM is issued from Not documented with none. 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.