Hashnote 的 USYC 代币市值升至 1.2B 美元，取代贝莱德的 BUIDL，成为最大的代币化国债产品

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.

代币化国债市场的领导地位发生了转变，Hashnote 的 USYC 代币经历了显着增长，成为规模最大的产品。

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.

根据 rwa.xyz 的数据，USYC 代币的市值已飙升至 12 亿美元以上。过去三个月增长了五倍。

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.

该代币由资产管理公司 Hashnote 发行，现已超过 4.5 亿美元的 BUIDL 代币，这是自 4 月份以来最大的产品。 BUIDL是贝莱德和Securitize发行的代币化美国国债产品。

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 国际短期收益基金的代币化，根据该公司的网站，该基金投资于纽约梅隆银行托管的美国政府支持证券和国库券的逆回购协议。

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 产品的快速增长凸显了将代币化产品与去中心化金融 (DeFi) 应用程序集成并提供其代币作为其他产品的构建块（这一概念在加密货币词典中称为可组合性）的重要性，以实现更广泛的采用。

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

此外，它还展示了加密货币投资者对产生收益的稳定币的需求，这些稳定币越来越受到代币化产品的支持。

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 在很大程度上受益于 Usual（一种新兴的去中心化金融（DeFi）协议）及其由现实世界资产（RWA）支持、产生收益的稳定币 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.

为了从 Tether 的 USDT 和 Circle 的 USDC 等中心化稳定币中夺取市场份额，Usual 的目标是将其稳定币支持资产的部分收入重新分配给持有者。目前，USD0 主要由 USYC 支持，尽管该协议打算在未来向储备中添加更多 RWA。最近，它宣布添加 Ethena 的 USDtb 稳定币，该稳定币建立在 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 合伙人 David Shuttleworth 表示：“牛市中出现了大量资金流入稳定币，但最大的稳定币的关键问题仍然存在：它们不奖励最终用户或让他们获得其产生的收益。” “此外，用户不会通过持有 USDT 或 USDC 获得协议中的任何权益。”

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

“Usual 的吸引力在于它通过将收益和所有权分配给用户来协调协议的利益，”他补充道。

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.

在过去的几个月里，随着加密货币投资者寻求链上收益机会，该协议及其 0 美元稳定币吸引了约 13 亿美元。另一个关键的增长动力是该协议的原生治理代币（USUAL）空投和周三的交易所上市。在币安上进行交易后，USUAL 代币的表现优于更广泛的加密货币市场，后者的涨幅微乎其微。据 CoinGecko 称，该代币上市后升值了近 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.

今年早些时候，在 DeFi 平台 Ondo Finance 选择该代币作为其自己的收益产品 Ondo 短期美国政府国债（OUSG）代币的主要储备资产后，贝莱德的 BUIDL 代币也经历了快速增长。