There's been a alteration of defender astatine the rankings of the $3.4 cardinal tokenized Treasuries market.
Asset manager Hashnote's USYC token zoomed implicit $1.2 cardinal successful marketplace capitalization, increasing five-fold successful size implicit the past 3 months, rwa.xyz data shows. It has toppled the $450 cardinal BUIDL, issued by plus absorption behemoth BlackRock and tokenization steadfast Securitize, which was the largest merchandise by size since April.

USYC is the token practice of the Hashnote International Short Duration Yield Fund, which, according to the company's website, invests successful reverse repo agreements connected U.S. government-backed securities and Treasury bills held successful custody astatine the Bank of New York Mellon.
Hashnote's speedy maturation underscores the value of interconnecting tokenized products with decentralized concern (DeFi) applications and presenting their tokens disposable arsenic gathering blocks for different products — oregon composability, successful crypto lingo — to standard and scope broader adoption. It besides showcases crypto investors' appetite for yield-generating stablecoins, which are progressively backed by tokenized products.
USYC, for example, has greatly benefited from the accelerated ascent of the budding decentralized concern (DeFi) protocol Usual and its real-world asset-backed, yield-generating stablecoin, USD0.
Usual is pursuing the marketplace stock of centralized stablecoins similar Tether's USDT and Circle's USDC by redistributing a information of revenues from its stablecoin's backing assets to holders. USD0 is chiefly backed by USYC currently, but the protocol aims to adhd much RWAs to reserves successful the future. It has precocious announced the summation of Ethena's USDtb stablecoin, which is built connected apical of BUIDL.
"The bull marketplace triggered a monolithic inflow into stablecoins, yet the halfway contented with the largest stablecoins remains: they deficiency rewards for extremity users and bash not springiness entree to the output they generate," said David Shuttleworth, spouse astatine Anagram. "Moreover, users bash not get entree to the protocol’s equity by holding USDT oregon USDC."
"Usual’s entreaty is that it redistributes the output on with ownership successful the protocol backmost to users," helium added.

The protocol, and hence its USD0 stablecoin, has raked successful $1.3 cardinal implicit the past fewer months arsenic crypto investors chased on-chain output opportunities. Another important catalyst of maturation was the protocol's governance token (USUAL) airdrop and speech listing connected Wednesday. USUAL started trading connected Binance connected Wednesday, and vastly outperformed the shaky broader crypto market, appreciating immoderate 50% since then, per CoinGecko data.
BlackRock's BUIDL besides enjoyed accelerated maturation earlier this year, driven by DeFi level Ondo Finance making the token the cardinal reserve asset of its ain yield-earning product, the Ondo Short-Term US Government Treasuries (OUSG) token.