Reg S
Regulation S
An SEC safe harbour for offerings made entirely outside the United States — common for non-US-targeted yield-bearing stablecoins.
Reg S structures (Ondo USDY, Mountain USDM) explicitly bar US-person participation, removing the SEC-registration requirement. Compliance hinges on geographic exclusion at the on-ramp and ongoing transfer restrictions.
Related terms
- SECThe US federal agency regulating securities markets — its enforcement decisions shape token-classification and stablecoin-as-security questions.
- Reg DAn SEC exemption letting issuers sell securities without full registration — used by tokenised RWA products targeting US accredited investors.
- USDYOndo's tokenised, yield-bearing dollar — backed by short-term US Treasuries and bank deposits, available to non-US investors.
- USDMMountain Protocol's yield-bearing dollar — a regulated rebasing stablecoin paying daily T-bill yield to non-US holders.