Hashnote’s USYC Token Surpasses BlackRock’s BUIDL in $3.4 Billion Tokenized Treasuries Market
In a surprising turn of events, asset manager Hashnote’s USYC token has skyrocketed in market capitalization, reaching over $1.2 billion and outpacing the $450 million BUIDL token, a product issued by BlackRock and tokenization firm Securitize. This significant growth marks a five-fold increase in size for USYC over the past three months, according to data from rwa.xyz.
USYC serves as the token representation of the Hashnote International Short Duration Yield Fund, which focuses on investing in reverse repo agreements on U.S. government-backed securities and Treasury bills held in custody at the Bank of New York Mellon. The rapid growth of Hashnote’s USYC token highlights the growing trend of connecting tokenized products with decentralized finance (DeFi) applications, making these tokens available as building blocks for other products to scale and achieve broader adoption.
The surge in USYC’s market capitalization can be attributed to the rise of the DeFi protocol Usual and its real-world asset-backed stablecoin, USD0. Usual aims to challenge centralized stablecoins like USDT and USDC by sharing a portion of its stablecoin’s backing assets’ revenues with holders. Currently, USD0 is primarily backed by USYC, but the protocol plans to incorporate more tokenized products in its reserves in the future. Recently, Usual announced the inclusion of Ethena’s USDtb stablecoin, which is built on top of BUIDL.
David Shuttleworth, a partner at Anagram, highlighted the appeal of Usual’s approach, emphasizing that it redistributes yield and ownership in the protocol back to users, unlike traditional stablecoins. This unique feature has attracted investors seeking yield-generating stablecoins that offer more than just a stable value.
In addition to its stablecoin, Usual has seen significant growth through its governance token (USUAL), which was airdropped and listed on Binance recently. The token has outperformed the broader crypto market, appreciating by 50% since its listing, according to CoinGecko data.
On the other hand, BlackRock’s BUIDL token experienced rapid growth earlier this year, driven by its integration into the DeFi platform Ondo Finance. BUIDL serves as the key reserve asset for Ondo’s yield-earning product, the Ondo Short-Term US Government Treasuries (OUSG) token.
Overall, the reshuffling of the rankings in the $3.4 billion tokenized Treasuries market reflects the dynamic nature of the crypto industry and the growing demand for innovative DeFi products that offer both yield opportunities and ownership rights to users. As the market continues to evolve, it will be interesting to see how Hashnote’s USYC and other tokenized products shape the future of decentralized finance. With the rise of the digital age, the way we consume information has drastically changed. Gone are the days of relying solely on traditional print media such as newspapers and magazines. Instead, people are turning to online sources for their news and entertainment needs.
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