TNGBL vs USDY
Tangible RWA 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 TNGBL/USDY spread
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Tangible RWA 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: Strong
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 61 | 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 | $41.55M | $2.20B | USDY |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 12 chains | USDY |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 4.11% | 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 61), 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 4.11% — 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: TNGBL or USDY?
Capital preservation over everything else.
For park cash safely, USDY is the better fit over TNGBL.
- Safety score 88 vs 61, with collateral rated 95/100.
- Current peg deviation 0.000% against 0.000% for TNGBL.
- 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
TNGBL
- Issuer and banking risk: reserves sit with Tangible RWA 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 Polygon.
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: 4.11% is earned outside the token itself.
| Metric | TNGBL | USDY |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | Tangible RWA | Ondo Finance |
| Jurisdiction | Not documented | BVI |
| Collateral | treasuries | treasuries |
| Peg mechanism | asset-backed | fiat-backed |
| Attestation | monthly | monthly |
| Redemption | gated | gated |
| Price | $1.0000 | $1.1478 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $41.55M | $2.20B |
| 7d supply change | −0.05% | 0.00% |
| Liquidity | $0.00 | $2.21B |
| Best yield | None | 4.11% (navi-lending · Sui) |
| Chains | 1 | 12 |
| Launched | — | 2023 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (TNGBL vs USDY)
- -1287.9 bps
- $1.0000 vs $1.1478
- Peg deviation gap
- 0.000 pp
- TNGBL 0.000% · USDY 0.000%
- Yield spread
- -4.11%
- TNGBL — · USDY 4.11%
- Liquidity ratio
- 0.00×
- $0.00 vs $2.21B
A round trip between TNGBL and USDY costs roughly the market spread plus venue fees. At 1287.9 bps of price gap, swapping $1M implies about $128.8K 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 TNGBL and USDY have actually behaved since launch, including every stress event we have on record.
- USDY
Ondo US Dollar Yield goes live.
Chain coverage
TNGBL is live on 1 chains, USDY on 12. 0 chains carry both, so bridging is only unavoidable for the 13 networks where just one of them is deployed.
| Chain | TNGBL | USDY | Both available |
|---|---|---|---|
| — | $1.21B | USDY only | |
| — | $536.61M | USDY only | |
| — | $259.20M | USDY only | |
| — | $179.60M | USDY only | |
| $41.55M | — | TNGBL only | |
| — | $14.34M | USDY only | |
| — | $3.13M | USDY only | |
| — | $2.12M | USDY only | |
| — | $801.0K | USDY only | |
| — | $367.2K | USDY only | |
| — | $33.8K | USDY only | |
| — | $18.5K | USDY only | |
| — | $18.4K | USDY only |
TNGBL vs USDY: frequently asked questions
Is TNGBL or USDY safer?
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On our composite safety score USDY rates 88/100 versus 61/100 for TNGBL. 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 TNGBL and USDY?
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Tangible RWA is issued by Tangible RWA (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 TNGBL and "monthly" for USDY.
Which has the bigger market cap, TNGBL or USDY?
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USDY is larger at $2.20B in circulating supply, against $41.55M for the other. Over the last 7 days supply moved −0.05% for TNGBL and 0.00% for USDY.
Are TNGBL and USDY trading at $1.00 right now?
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TNGBL trades at $1.0000 (0.000% off peg) and USDY at $1.1478 (0.000% off peg). The gap between the two is about 1287.9 basis points, which is the cost you pay when rotating size between them before fees.
Has TNGBL or USDY ever depegged?
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TNGBL: 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, TNGBL 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 — TNGBL: gated; USDY: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on TNGBL or USDY?
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USDY currently shows the higher rate at 4.11% via navi-lending · Sui, against no tracked rate for TNGBL. 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 TNGBL and USDY?
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They currently share no common network in our data: TNGBL is deployed on 1 chain(s) and USDY on 12. Moving between them requires a bridge or a centralised venue.
What does it cost to switch from TNGBL to USDY?
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Budget three components: the current price spread of roughly 1287.9 bps, swap or venue fees, and slippage against available depth ($0.00 for TNGBL, $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 TNGBL or USDY regulated?
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TNGBL 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.