Hashnote 的 USYC 代幣市值升至 1.2B 美元，取代貝萊德的 BUIDL，成為最大的代幣化國債產品

The tokenized Treasuries market has seen a shift in leadership, with Hashnote's USYC token experiencing remarkable growth to become the largest product by size.

代幣化國債市場的領導地位發生了轉變，Hashnote 的 USYC 代幣經歷了顯著增長，成為最大的產品。

According to data from rwa.xyz, the USYC token has surged past $1.2 billion in market capitalization. This follows a five-fold increase over the past three months.

根據 rwa.xyz 的數據，USYC 代幣的市值已飆升至 12 億美元以上。過去三個月增加了五倍。

The token, issued by the asset management firm Hashnote, now surpasses the $450 million BUIDL token, which was the largest product since April. BUIDL is a tokenized U.S. Treasury bond product issued by BlackRock and Securitize.

該代幣由資產管理公司 Hashnote 發行，現已超過 4.5 億美元的 BUIDL 代幣，這是自 4 月以來最大的產品。 BUIDL是貝萊德和Securitize發行的代幣化美國國債產品。

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

USYC 代表了 Hashnote 國際短期收益基金的代幣化，根據該公司的網站，該基金投資於紐約梅隆銀行託管的美國政府支持證券和國庫券的逆回購協議。

The rapid growth of Hashnote's product highlights the significance of integrating tokenized products with decentralized finance (DeFi) applications and offering their tokens as building blocks for other products — a concept known as composability in the crypto lexicon — to achieve broader adoption.

Hashnote 產品的快速成長凸顯了將代幣化產品與去中心化金融(DeFi) 應用程式整合並提供其代幣作為其他產品的構建塊（這一概念在加密貨幣詞典中稱為可組合性）的重要性，以實現更廣泛的採用。

Moreover, it showcases the demand among crypto investors for yield-generating stablecoins, which are increasingly backed by tokenized products.

此外，它還展示了加密貨幣投資者對產生收益的穩定幣的需求，這些穩定幣越來越受到代幣化產品的支持。

For instance, USYC has largely benefited from the swift ascent of Usual, a budding decentralized finance (DeFi) protocol, and its real-world asset (RWA)-backed, yield-generating stablecoin, USD0.

例如，USYC 在很大程度上受益於 Usual（一種新興的去中心化金融（DeFi）協議）及其由現實世界資產（RWA）支持、產生收益的穩定幣 USD0 的迅速崛起。

In its bid to capture market share from centralized stablecoins such as Tether's USDT and Circle's USDC, Usual aims to redistribute a portion of the revenues from its stablecoin's backing assets to holders. Currently, USD0 is predominantly backed by USYC, although the protocol intends to add more RWAs to the reserves in the future. Recently, it announced the addition of Ethena's USDtb stablecoin, which is built on top of BUIDL.

為了從 Tether 的 USDT 和 Circle 的 USDC 等中心化穩定幣中奪取市場份額，Usual 的目標是將其穩定幣支援資產的部分收入重新分配給持有者。目前，USD0 主要由 USYC 支持，儘管該協議打算在未來向儲備中添加更多 RWA。最近，它宣布添加 Ethena 的 USDtb 穩定幣，該穩定幣建立在 BUIDL 之上。

"The bull market has seen huge inflows into stablecoins, but the key issue with the largest stablecoins remains: they don't reward end users or give access to the yield they generate," said David Shuttleworth, partner at Anagram. "Furthermore, users don't get any equity in the protocol by holding USDT or USDC."

Anagram 合夥人 David Shuttleworth 表示：“牛市中出現了大量資金流入穩定幣，但最大的穩定幣的關鍵問題仍然存在：它們不獎勵最終用戶或讓他們獲得其產生的收益。” “此外，用戶不會透過持有 USDT 或 USDC 來獲得協議中的任何權益。”

"The appeal of Usual is that it aligns the interests of the protocol by distributing the yield and ownership to users," he added.

「Usual 的吸引力在於它透過將收益和所有權分配給用戶來協調協議的利益，」他補充道。

Over the past few months, the protocol and its USD0 stablecoin have attracted around $1.3 billion as crypto investors pursue on-chain yield opportunities. Another key growth driver was the protocol's native governance token (USUAL) airdrop and exchange listing on Wednesday. After being made available for trading on Binance, the USUAL token outperformed the broader crypto market, which saw minimal gains. According to CoinGecko, the token appreciated nearly 50% following its listing.

在過去的幾個月裡，隨著加密貨幣投資者尋求鏈上收益機會，該協議及其 0 美元穩定幣吸引了約 13 億美元。另一個關鍵的成長動力是該協議的原生治理代幣（USUAL）空投和周三的交易所上市。在幣安上進行交易後，USUAL 代幣的表現優於更廣泛的加密貨幣市場，後者的漲幅微乎其微。據 CoinGecko 稱，該代幣上市後升值了近 50%。

Earlier this year, BlackRock's BUIDL token also experienced rapid growth after DeFi platform Ondo Finance selected the token as the primary reserve asset for its own yield-bearing product, the Ondo Short-Term US Government Treasties (OUSG) token.

今年早些時候，貝萊德的 BUIDL 代幣也經歷了快速增長，此前 DeFi 平台 Ondo Finance 選擇該代幣作為其自有收益產品 Ondo 短期美國政府國債（OUSG）代幣的主要儲備資產。