Sei currently hosts approximately $259 million of Ondo Finance’s USDY, giving the network a sizeable position in the multichain distribution of the Treasury-backed yield product. According to DefiLlama’s USDY asset dashboard, USDY has roughly $2.28 billion in total onchain AUM, including $258.99 million on Sei. That places Sei at about 11.4% of USDY’s onchain AUM, not the roughly 90% share cited in some secondary reporting.
The same dataset shows that Ethereum remains the largest host with approximately $1.20 billion, followed by Stellar at $536.16 million and Sei in third place. Solana holds another $179.45 million. USDY is therefore materially present on Sei, but its supply remains distributed across several networks rather than overwhelmingly concentrated on one chain. Ondo’s own product page similarly lists Sei among a broad group of supported networks spanning Ethereum, Stellar, Solana, Sui, Aptos, BNB Chain and others.
Sei Holds One of USDY’s Largest Chain Balances
USDY went live on Sei in January after Ondo first announced the integration in July 2025. The product is structured as tokenized debt issued by a bankruptcy-remote entity and backed primarily by short-term U.S. Treasuries and bank deposits. Its presence on Sei represents a yield-bearing financial asset deployed on the network, not a stablecoin supply increase or direct ownership of the underlying Treasury securities.
The $259 million balance is significant relative to Sei’s broader financial footprint, but balance and active usage should remain separate. DefiLlama currently classifies only about $569,000 of Sei-based USDY as “DeFi Active TVL,” primarily through Saphyre and YeiLend. That means the large onchain balance does not yet translate into an equivalent amount of USDY actively deployed in the DeFi applications tracked by the dashboard. The classification may not capture every possible use of the asset, but it provides an important distinction between assets located on a chain and assets being actively reused in financial protocols.
That distinction is increasingly relevant as Ondo moves beyond issuing tokenized assets toward building dedicated settlement infrastructure. Its broader strategy now includes infrastructure designed specifically for tokenized financial assets and products that allow certain tokenized securities to function as collateral inside onchain derivatives markets. Asset distribution, collateral usage and trading volume measure different stages of adoption and should not be collapsed into a single RWA growth metric.
Chain Distribution Does Not Establish Migration
Nothing in the current DefiLlama breakdown establishes that $259 million moved to Sei through a single migration event. The balance could reflect issuance, bridging, treasury allocations or other transfers accumulated since USDY launched on the network. Without historical flow data or an issuer disclosure identifying a coordinated migration, the current figure should be described as a distribution snapshot rather than evidence that USDY relocated from another blockchain.
The broader tokenized-asset market increasingly shows this kind of uneven chain distribution. Treasury-linked and private-credit products account for a substantial share of the expanding onchain real-world asset market, but individual products often concentrate where issuers, liquidity providers and applications establish the strongest distribution channels. That concentration can change as new integrations and redemption routes become available.
The confirmed development is still meaningful without the 90% claim. Roughly $259 million of USDY sits on the network, making Sei its third-largest blockchain by DefiLlama’s current onchain AUM breakdown. The stronger evidence of deeper adoption would come from that balance translating into sustained lending, collateral, trading or payment activity rather than simply remaining held onchain.