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DEFI PROTOCOL USUAL'S SURGE CATAPULTS HASHNOTE'S TOKENIZED TREASURY OVER
BLACKROCK'S BUIDL


HASHNOTE'S USYC IS THE PRIMARY BACKING ASSET OF THE RED-HOT DECENTRALIZED
FINANCE PROTOCOL USUAL, WHOSE USD0 STABLECOIN ZOOMED OVER $1 BILLION MARKET
CAPITALIZATION IN A FEW MONTHS.

By Krisztian Sandor|Edited by Aoyon Ashraf
Dec 20, 2024, 8:16 p.m. UTC

WHAT TO KNOW:

 * Asset manager Hashnote's USYC has become the largest tokenized U.S. Treasury
   product, toppling BlackRock and Securitize's BUIDL, rwa.xyz data shows.
 * Much of the growth was due to the rapid ascent of DeFi protocol Usual and its
   USD0 stablecoin, with USYC serving as a primary backing asset.
 * Hashnote's quick growth highlights how tokenized product issuers can grow by
   making their tokens interconnected with the broader blockchain economy.



There's been a change of guard at the rankings of the $3.4 billion tokenized
Treasuries market.





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Asset manager Hashnote's USYC token zoomed over $1.2 billion in market
capitalization, growing five-fold in size over the past three months, rwa.xyz
data shows. It has toppled the $450 million BUIDL, issued by asset management
behemoth BlackRock and tokenization firm Securitize, which was the largest
product by size since April.





Market cap of Hashnote's USYC and BUIDL over time (rwa.xyz)





USYC is the token representation of the Hashnote International Short Duration
Yield Fund, which, according to the company's website, invests in reverse repo
agreements on U.S. government-backed securities and Treasury bills held in
custody at the Bank of New York Mellon.





Hashnote's quick growth underscores the importance of interconnecting tokenized
products with decentralized finance (DeFi) applications and presenting their
tokens available as building blocks for other products — or composability, in
crypto lingo — to scale and reach broader adoption. It also showcases crypto
investors' appetite for yield-generating stablecoins, which are increasingly
backed by tokenized products.





USYC, for example, has greatly benefited from the rapid ascent of the budding
decentralized finance (DeFi) protocol Usual and its real-world asset-backed,
yield-generating stablecoin, USD0.





Usual is pursuing the market share of centralized stablecoins like Tether's USDT
and Circle's USDC by redistributing a portion of revenues from its stablecoin's
backing assets to holders. USD0 is primarily backed by USYC currently, but the
protocol aims to add more RWAs to reserves in the future. It has recently
announced the addition of Ethena's USDtb stablecoin, which is built on top of
BUIDL.





"The bull market triggered a massive inflow into stablecoins, yet the core issue
with the largest stablecoins remains: they lack rewards for end users and do not
give access to the yield they generate," said David Shuttleworth, partner at
Anagram. "Moreover, users do not get access to the protocol’s equity by holding
USDT or USDC."





"Usual’s appeal is that it redistributes the yield along with ownership in the
protocol back to users," he added.



Usual offers yield and ownership of the protocol through its stablecoin and
governance token (Usual) Read More





The protocol, and hence its USD0 stablecoin, has raked in $1.3 billion over the
past few months as crypto investors chased on-chain yield opportunities. Another
significant catalyst of growth was the protocol's governance token (USUAL)
airdrop and exchange listing on Wednesday. USUAL started trading on Binance on
Wednesday, and vastly outperformed the shaky broader crypto market, appreciating
some 50% since then, per CoinGecko data.





BlackRock's BUIDL also enjoyed rapid growth earlier this year, driven by DeFi
platform Ondo Finance making the token the key reserve asset of its own
yield-earning product, the Ondo Short-Term US Government Treasuries (OUSG)
token.



Tokenized AssetsReal World Assets DeFiStablecoins

KRISZTIAN SANDOR

Krisztian Sandor recently graduated from NYU's business and economic reporter
program as a Fulbright fellow and worked with Reuters and Forbes previously.
Originally from Budapest, Hungary, he is now based in New York. He holds BTC and
ETH.

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