Hashnote 的 USYC 代幣超越 BUIDL，躋身 $3.4B 代幣化國債市場

價值 34 億美元的代幣化國債市場的排名發生了變化。資產管理公司 Hashnote 的 USYC 代幣市值飆升超過 12 億美元

The $3.4 billion tokenized Treasuries market has seen a shift in rankings, with Hashnote's USYC token experiencing remarkable growth to become the largest product by size, according to data from rwa.xyz.

rwa.xyz 的數據顯示，價值 34 億美元的代幣化國債市場排名發生了變化，Hashnote 的 USYC 代幣經歷了顯著增長，成為規模最大的產品。

The USYC token, which had a market capitalization of $450 million in April, has now surged past BUIDL, a product of asset management giant BlackRock and tokenization firm Securitize. BUIDL was previously the largest product in the market since April.

USYC 代幣 4 月份的市值為 4.5 億美元，目前已超越資產管理巨頭貝萊德 (BlackRock) 和代幣化公司 Securitize 的產品 BUIDL。 BUIDL 先前是自 4 月以來市場上最大的產品。

The rapid growth of Hashnote's product highlights the significance of interconnecting tokenized products with decentralized finance (DeFi) applications and presenting their tokens as building blocks for other products — a concept known as composability in the crypto lexicon — to scale and achieve wider 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) 應用程式互連並將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，以擴大規模並實現更廣泛的採用。

Moreover, it showcases crypto investors' preference for yield-generating stablecoins, which are increasingly being 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偏好，這些穩定幣越來越受到代幣化產品的支持。

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

例如，USYC 就從新興的去中心化金融 (DeFi) 協議 Usual 及其現實世界資產支持、產生收益的穩定幣 USD0 的迅速崛起中受益匪淺。

In a bid to capture the market share of centralized stablecoins such as Tether's USDT and Circle's USDC, Usual is designed 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 aims to incorporate additional RWAs into its reserves in the future. Recently, it announced the integration of Ethena's USDtb stablecoin, which is built on top of BUIDL.

為了搶佔 Tether 的 USDT 和 Circle 的 USDC 等中心化穩定幣的市場份額，Usual 旨在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，儘管該協議的目標是在未來將額外的 RWA 納入其儲備中。最近，它宣布整合 Ethena 的 USDtb 穩定幣，該穩定幣建立在 BUIDL 之上。

"The bull market has seen a huge amount of inflows into stablecoins, but the core problem with the largest stablecoins remains: they don't offer any rewards for end users and don't give access to the yield that they generate," said David Shuttleworth, partner at Anagram. "Furthermore, users don't get any access to the protocol's equity by holding USDT or USDC."

David 表示：「牛市中出現了大量資金流入穩定幣，但最大的穩定幣的核心問題仍然存在：它們不為最終用戶提供任何獎勵，也不提供其產生的收益。」沙特爾沃斯，Anagram 合夥人。 “此外，用戶無法透過持有 USDT 或 USDC 來獲得該協議的任何權益。”

"The appeal of Usual is that it's designed to redistribute the yield and ownership in the protocol back to users," he added.

「Usual 的吸引力在於它旨在將協議中的收益和所有權重新分配給用戶，」他補充道。

Over the past few months, the protocol and its USD0 stablecoin have attracted over $1.3 billion in crypto investors' funds as they pursue on-chain yield opportunities. Another key growth driver was the exchange listing and airdrop of the protocol's governance token (USUAL) on Wednesday.

在過去的幾個月裡，該協議及其 0 美元穩定幣吸引了超過 13 億美元的加密投資者資金，因為他們尋求鏈上收益機會。另一個關鍵的成長動力是周三該協議的治理代幣（USUAL）的交易所上市和空投。

According to CoinGecko, USUAL began trading on Binance and outperformed the broader crypto market, which has been experiencing turbulence. The token has appreciated by around 50% since its launch, as reported by CoinGecko.

據 CoinGecko 稱，USUAL 開始在幣安上進行交易，並跑贏了一直在經歷動蕩的更廣泛的加密貨幣市場。根據 CoinGecko 報道，該代幣自推出以來已升值約 50%。

Earlier this year, BlackRock's BUIDL also experienced rapid growth after DeFi platform Ondo Finance made the token the primary reserve asset of its own yield-earning product, the Ondo Short-Term US Government Treasuries (OUSG) token.

今年早些時候，在 DeFi 平台 Ondo Finance 將 BUIDL 代幣作為其自己的收益產品 Ondo 短期美國政府國債（OUSG）代幣的主要儲備資產後，貝萊德的 BUIDL 也經歷了快速增長。