A bonding curve pays its creator 30 basis points of every trade. That field is set to the treasury at mint time, which is why it cannot be redirected afterwards, and the proceeds are swept every 20 minutes into a single reserve.
The instrument
The reserve is held in Ondo USDY, a tokenized note issued by Ondo Finance against short-duration US Treasury bills and bank demand deposits, held with a third-party custodian and recorded on Solana. USDY earns by NAV appreciation: the token’s price drifts upward as the underlying paper accrues, so the reserve compounds without rebasing, claiming, or a manual distribution step.
The yardstick
The rate is quoted against Franklin OnChain U.S. Government Money Fund (FOBXX, share-class token BENJI), managed by Franklin Templeton. It is the closest listed analogue to what this reserve does: a government money market fund whose shares are recorded on public blockchains. Its published 7-day yield of 4.18% and 12 days WAM are what the spread on this page is measured against.
Yield is attributed back to each coin by its share of the reserve, and 80% of it lands with holders. That share over circulating supply is the coin’s NAV floor — a number that only ratchets up, entirely independently of what the curve price is doing.
Reference rate only. Stabledollar is an academic project and is not affiliated with, endorsed by, or partnered with Franklin Templeton. Ondo Finance is likewise cited as the issuer of a public instrument, not as a partner.