由於加密貨幣已經受到打擊，數字資產投資者尋求庇護的避難所

由於過去幾週在廣泛的市場糾正中遭受了加密貨幣的侵害，數字資產投資者尋求避難所在代幣化的美國財政產品中。

Cryptocurrency prices have been battered by a broad-market correction over the past weeks, pushing digital asset investors to seek refuge in tokenized U.S. Treasury products.

在過去的幾周中，加密貨幣的價格受到了廣泛的市場更正的打擊，促使數字資產投資者尋求避難所的美國財政產品。

The combined market capitalization of Treasury-backed tokens hit a fresh all-time record of $4.2 billion on Wednesday, up from $3.4 billion since late January, data source rwa.xyz shows.

數據源RWA.XYZ顯示，以自1月下旬以來的34億美元增長了全新的42億美元的新鮮記錄。

Real-world asset platform Ondo Finance’s (ONDO) products, the short-term bond-backed OUSG and USDY tokens, grew to just shy of $1 billion combined, a 53% surge in market value over the past month.

現實世界中的資產平台Ondo Finance's（Ondo）產品，短期債券支持的OUSG和USDY代幣，增長到了10億美元的合計，在過去一個月中的市場價值增長了53％。

Buidl, the token issued jointly by asset manager BlackRock and tokenization firm Securitize, gained 25% during the same period to surpass $800 million.

由資產經理貝萊德（BlackRock）和令牌化公司共同發行的代幣Buidl在同一時期獲得了25％的股份，超過了8億美元。

Asset manager Franklin Templeton’s BENJI token expanded to $687 million, a 16% increase, while Superstate’s USTB hit $363 million, up more than 63%.

資產經理富蘭克林·鄧普頓（Franklin Templeton）的本吉（Benji）代幣擴大到6.87億美元，增長16％，而超級巨星的USTB達到3.63億美元，增長了63％以上。

A notable outlier was Hashnote’s USYC, which saw its market cap shrink by over 20% to $900 million, mainly due to DeFi protocol Usual’s token falling sharply after investor backlash. The token is the main backing asset for Usual’s USD0 stablecoin, which dropped below $1 billion in outstanding supply from its January peak of $1.8 billion.

Hashnote的USYC是一個值得注意的離群值，該公司的市值縮小了20％以上，至9億美元，這主要是由於投資者反對後的Defi Protocal常規代幣急劇下降。代幣是通常的USD0 Stablecoin的主要支持資產，從18億美元的18億美元的峰值起，該資產降至10億美元以下。

“We suspect the increase in tokenized treasury market cap during the recent crypto downturn is due to a flight to quality, similar to how traditional investors tend to move from equities to U.S. Treasuries during periods of economic uncertainty,” said Brian Choe, head of research at rwa.xyz.

RWA.xyz研究負責人Brian Choe說：“我們懷疑在最近的加密貨幣下滑期間，代幣化的財政部市場上限的增加是由於飛往質量的飛行，類似於傳統投資者在經濟不確定性期間如何從股票轉移到美國國債。”

Choe based his analysis on comparing the market cap growth of tokenized treasuries with stablecoins between November and January, when crypto markets were rallying, and from February when prices corrected.

Choe的分析基於將令牌化國庫的市值增長與11月至1月之間的穩定幣的市值增長，當時加密貨幣市場正在集會，並且從2月起糾正了價格。

During the recent bearish period, tokenized treasuries grew faster than stablecoins, which is the opposite of what happened during the bullish phase, where stablecoin growth outpaced the treasury token market.

在最近的看跌時期，代幣化的國債比Stablecoins增長快，Stablecoins與看漲階段發生的情況相反，在看漲階段，Stablecoin的增長超過了代幣市場。

“This suggests that some investors are not necessarily exiting the ecosystem but rather rotating capital into safer, yielding assets like U.S. Treasuries while waiting for market conditions to improve,” Choe added.

Choe補充說：“這表明，一些投資者不一定要退出生態系統，而是將資本轉換為更安全的資本，在等待市場條件改善的同時產生像美國財政部這樣的資產。”