Hashnote's Treasury Surges Past BlackRock's BUIDL Amid DeFi Protocol Usual's Rise

The decentralized finance (DeFi) protocol Usual has significantly impacted the tokenized treasury market, propelling Hashnote's USYC token to a market capitalization exceeding $1.2 billion. This surge has allowed Hashnote to surpass BlackRock's BUIDL, marking a pivotal shift in the $3.4 billion tokenized treasury landscape.

Key Takeaways

• Hashnote's USYC token has grown five-fold in the last three months, reaching over $1.2 billion in market cap.

• The rise of Usual's USD0 stablecoin, backed by USYC, has contributed to this growth, attracting significant investor interest.

• Usual aims to compete with centralized stablecoins by redistributing revenue to token holders, enhancing user engagement.

The Rise of Hashnote's USYC Token

Hashnote's USYC token has emerged as a leading asset in the tokenized treasury market, which has seen a total valuation of $3.4 billion. The token's rapid growth is attributed to its backing by the Hashnote International Short Duration Yield Fund, which invests in reverse repo agreements on U.S. government-backed securities and Treasury bills.

According to data from rwa.xyz, USYC's market capitalization has surged from $240 million to over $1.2 billion in just three months, effectively dethroning BlackRock's BUIDL, which previously held the top position with a market cap of $450 million.

Usual's Impact on the Market

The DeFi protocol Usual has played a crucial role in this transformation. Its USD0 stablecoin has quickly gained traction, surpassing a market cap of $1 billion within months of its launch. The protocol's strategy involves redistributing a portion of the revenues generated from its backing assets to USD0 holders, thereby providing them with a yield that traditional stablecoins like Tether's USDT and Circle's USDC do not offer.

David Shuttleworth, a partner at Anagram, highlighted the appeal of Usual, stating, "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."

The Future of Tokenized Treasuries

Hashnote's rapid ascent underscores the growing importance of composability in the DeFi space, where tokenized products are interconnected and can serve as building blocks for other financial products. This trend is attracting crypto investors who are increasingly interested in yield-generating stablecoins backed by real-world assets (RWAs).

As Usual continues to expand its reserves, including the recent addition of Ethena's USDtb stablecoin, the competition in the stablecoin market is expected to intensify. The protocol's governance token, USUAL, has also seen a significant increase in value, appreciating approximately 50% since its listing on Binance, further solidifying Usual's position in the market.

Conclusion

The surge of Hashnote's USYC token and the rise of Usual's USD0 stablecoin represent a significant shift in the tokenized treasury market. As decentralized finance continues to evolve, the interplay between traditional asset management and innovative DeFi protocols will likely shape the future of financial products, offering new opportunities for investors and users alike.

Sources

• DeFi Protocol Usual's Surge Catapults Hashnote's Tokenized Treasury Over BlackRock's BUIDL, CoinDesk.

• El aumento del protocolo DeFi Usual catapulta al Tesoro tokenizado de Hashnote por sobre BUIDL de BlackRock, CoinDesk.

• Surge протоколу DeFi Protocol Usual катапультує токенізовану скарбницю Hashnote через BUIDL BlackRock, CoinDesk.

• La montée en puissance du protocole DeFi habituel propulse le Trésor tokenisé de Hashnote au-dessus du BUIDL de BlackRock, CoinDesk.

• L'impennata del protocollo DeFi Usual catapulta il Treasury tokenizzato di Hashnote sul BUIDL di BlackRock, CoinDesk.