USDY is a tokenized note backed by short-term US Treasuries and bank demand deposits, accessible to non-US individual and institutional investors. Although it can be transferred on-chain 40-50 days after purchase, there are some regulatory constraints to consider. For instance, interest is earned immediately upon deposit, but the transferable USDY tokens are minted between 40-50 days later. Additionally, redemptions to USD via bank wire are only available to non-US bank accounts.