Ondo USDY LLC Registers with FinCEN

Ondo USDY LLC Registers with FinCEN

We are happy to announce that Ondo USDY LLC (“USDY”) has successfully registered as a Convertible Virtual Currency Administrator and Money Services Business with the Financial Crimes Enforcement Network (“FinCEN”) in the United States. USDY issues yield-bearing tokens collateralized with US Treasuries, for customers to use as an alternative to stablecoins.

We are proud to operate a compliant CVC Administrator and Money Services Business under FinCEN’s jurisdiction. We have made regulatory compliance a leading priority in the design and development of our products. 

The US leads the world in the development of regulated markets, and FinCEN is a core institution at the center of that activity. In our own small way, we are joining FinCEN’s mission to combat money laundering and related crimes including terrorism, safeguarding the financial system from illicit use.

As a Money Services Business registered with FinCEN, USDY operates anti-money laundering (AML) and know your customer (KYC) programs that verify customer identities, maintain transaction records, and report suspicious transactions. We selected Chainalysis, the leading blockchain analytics firm, as our compliance technology provider to monitor on-chain data for our AML program.

About Ondo

Founded in 2021, Ondo Finance is a US-based technology company focused on making institutional-grade financial products and services available to everyone. Ondo focuses both on the tokenization of securities as well as on the development of decentralized protocols that improve the utility and distribution of those tokens. Ondo’s leadership formerly ran the Goldman Sachs Digital Assets team, Ondo works with institutional partners like Blackrock and Morgan Stanley, and Ondo is backed by top VCs including Founders Fund, Pantera Capital, and Coinbase Ventures.

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