What sits behind every coin
Trading fees stop being someone’s revenue and become US Treasuries, held in the same instrument class a government money market fund holds.
Every trade buys government paper
The curve is quoted in USDC and pays 30 bps of every buy and sell to whatever key holds its creator field. Here that field is the treasury, written at mint time and impossible to reassign afterwards. From the first trade onward, a fixed slice of the volume is on its way into US Treasury bills.
The same assets a money fund holds
Swept fees are held as Ondo USDY, a tokenized note collateralized by short-duration US Treasuries and bank demand deposits. That is the same asset class behind a government money market fund: Franklin OnChain U.S. Government Money Fund (FOBXX, share-class token BENJI) from Franklin Templeton holds government securities on the same footing.
It earns whether or not anyone trades
USDY accrues by NAV appreciation rather than rebasing, so the reserve compounds on its own schedule with no claiming, no distribution, and no counterparty to chase. The rate is measured off USDY's own price and quoted beside FOBXX's published 4.18% 7-day yield, so the number is checkable against a listed fund.
The yield belongs to holders
Each coin is credited with its share of the reserve, and 80% of the yield that share earns is attributed to the people holding the coin. Treasury income arrives on-chain, pro rata, without anyone signing a redemption or filing a form.
