RWAUSDI vs USDY
Multipli rwaUSDi 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 RWAUSDI/USDY spread
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Multipli rwaUSDi is a dollar-denominated token tracked across 7 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Caution
A yield-bearing note backed by short-term US Treasuries and bank deposits, tokenised for non-US holders.
Verdict band: Strong
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 54 | 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 | $2.21B | 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 | $487.43M | $2.20B | USDY |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 7 chains | 12 chains | USDY |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 4.12% | 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 54), driven mainly by collateral quality and disclosure. USDY has deeper tracked liquidity ($2.21B), which is what determines whether you can exit at size. USDY currently earns up to 4.12% — 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: RWAUSDI or USDY?
Capital preservation over everything else.
For park cash safely, USDY is the better fit over RWAUSDI.
- Safety score 88 vs 54, with collateral rated 95/100.
- Current peg deviation 0.000% against 0.000% for RWAUSDI.
- 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
RWAUSDI
- Collateral volatility: a fast drawdown in backing assets can force liquidations.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
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: 4.12% is earned outside the token itself.
| Metric | RWAUSDI | USDY |
|---|---|---|
| Category | Stablecoin | Tokenized Treasury |
| Issuer | Undisclosed | Ondo Finance |
| Jurisdiction | Not documented | BVI |
| Collateral | crypto-backed | treasuries |
| Peg mechanism | crypto-backed | fiat-backed |
| Attestation | none | monthly |
| Redemption | market-only | gated |
| Price | $1.0000 | $1.1476 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $487.43M | $2.20B |
| 7d supply change | 0.00% | 0.00% |
| Liquidity | $0.00 | $2.21B |
| Best yield | None | 4.12% (navi-lending · Sui) |
| Chains | 7 | 12 |
| Launched | — | 2023 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (RWAUSDI vs USDY)
- -1286.8 bps
- $1.0000 vs $1.1476
- Peg deviation gap
- 0.000 pp
- RWAUSDI 0.000% · USDY 0.000%
- Yield spread
- -4.12%
- RWAUSDI — · USDY 4.12%
- Liquidity ratio
- 0.00×
- $0.00 vs $2.21B
A round trip between RWAUSDI and USDY costs roughly the market spread plus venue fees. At 1286.8 bps of price gap, swapping $1M implies about $128.7K 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 RWAUSDI and USDY have actually behaved since launch, including every stress event we have on record.
- USDY
Ondo US Dollar Yield goes live.
Chain coverage
RWAUSDI is live on 7 chains, USDY on 12. 2 chains carry both, so bridging is only unavoidable for the 15 networks where just one of them is deployed.
| Chain | RWAUSDI | USDY | Both available |
|---|---|---|---|
| $151.66M | $1.21B | Yes | |
| — | $536.53M | USDY only | |
| — | $259.16M | USDY only | |
| — | $179.57M | USDY only | |
| $147.21M | — | RWAUSDI only | |
| $100.34M | — | RWAUSDI only | |
| $77.34M | $3.13M | Yes | |
| — | $14.34M | USDY only | |
| $3.94M | — | RWAUSDI only | |
| $3.72M | — | RWAUSDI only | |
| $3.21M | — | RWAUSDI only | |
| — | $2.12M | USDY only | |
| — | $800.8K | USDY only | |
| — | $367.2K | USDY only | |
| — | $33.8K | USDY only | |
| — | $18.5K | USDY only | |
| — | $18.4K | USDY only |
RWAUSDI vs USDY: frequently asked questions
Is RWAUSDI or USDY safer?
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On our composite safety score USDY rates 88/100 versus 54/100 for RWAUSDI. The score weighs collateral quality (treasuries vs crypto-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 RWAUSDI and USDY?
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Multipli rwaUSDi is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Ondo US Dollar Yield is issued by Ondo Finance (BVI), backed by treasuries, with redemption terms: gated. Attestation coverage is "none" for RWAUSDI and "monthly" for USDY.
Which has the bigger market cap, RWAUSDI or USDY?
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USDY is larger at $2.20B in circulating supply, against $487.43M for the other. Over the last 7 days supply moved 0.00% for RWAUSDI and 0.00% for USDY.
Are RWAUSDI and USDY trading at $1.00 right now?
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RWAUSDI trades at $1.0000 (0.000% off peg) and USDY at $1.1476 (0.000% off peg). The gap between the two is about 1286.8 basis points, which is the cost you pay when rotating size between them before fees.
Has RWAUSDI or USDY ever depegged?
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RWAUSDI: 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, RWAUSDI 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 $2.21B versus $0.00. Combine that with the redemption channel — RWAUSDI: market-only; USDY: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on RWAUSDI or USDY?
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USDY currently shows the higher rate at 4.12% via navi-lending · Sui, against no tracked rate for RWAUSDI. 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 RWAUSDI and USDY?
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Both are deployed on 2 shared networks, including Ethereum, Arbitrum. RWAUSDI spans 7 chains in total and USDY spans 12. 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 RWAUSDI to USDY?
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Budget three components: the current price spread of roughly 1286.8 bps, swap or venue fees, and slippage against available depth ($0.00 for RWAUSDI, $2.21B for USDY). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is RWAUSDI or USDY regulated?
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RWAUSDI is issued from Not documented with none; 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.