由于加密货币已经受到打击，数字资产投资者寻求庇护的避难所

由于过去几周在广泛的市场纠正中遭受了加密货币的侵害，数字资产投资者寻求避难所在代币化的美国财政产品中。

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.

在过去的几周中，加密货币的价格受到了广泛的市场更正的打击，促使数字资产投资者寻求避难所的美国财政产品。

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.

数据源RWA.XYZ显示，以自1月下旬以来的34亿美元增长了全新的42亿美元的新鲜记录。

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.

现实世界中的资产平台Ondo Finance's（Ondo）产品，短期债券支持的OUSG和USDY代币，增长到了10亿美元的合计，在过去一个月中的市场价值增长了53％。

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

由资产经理贝莱德（BlackRock）和令牌化公司共同发行的代币Buidl在同一时期获得了25％的股份，超过了8亿美元。

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%.

资产经理富兰克林·邓普顿（Franklin Templeton）的本吉（Benji）代币扩大到6.87亿美元，增长16％，而超级巨星的USTB达到3.63亿美元，增长了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是一个值得注意的离群值，该公司的市值缩小了20％以上，至9亿美元，这主要是由于投资者反对后的Defi Protocal常规代币急剧下降。代币是通常的USD0 Stablecoin的主要支持资产，从18亿美元的18亿美元的峰值起，该资产降至10亿美元以下。

“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研究负责人Brian Choe说：“我们怀疑在最近的加密货币下滑期间，代币化的财政部市场上限的增加是由于飞往质量的飞行，类似于传统投资者在经济不确定性期间如何从股票转移到美国国债。”

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的分析基于将令牌化国库的市值增长与11月至1月之间的稳定币的市值增长，当时加密货币市场正在集会，并且从2月起纠正了价格。

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.

在最近的看跌时期，代币化的国债比Stablecoins增长快，Stablecoins与看涨阶段发生的情况相反，在看涨阶段，Stablecoin的增长超过了代币市场。

“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补充说：“这表明，一些投资者不一定要退出生态系统，而是将资本转换为更安全的资本，在等待市场条件改善的同时产生像美国财政部这样的资产。”