Hashnote 的 USYC 代币超越 BUIDL，跻身 $3.4B 代币化国债市场

价值 34 亿美元的代币化国债市场的排名发生了变化。资产管理公司 Hashnote 的 USYC 代币市值飙升超过 12 亿美元

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 的数据显示，价值 34 亿美元的代币化国债市场排名发生了变化，Hashnote 的 USYC 代币经历了显着增长，成为规模最大的产品。

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 代币 4 月份的市值为 4.5 亿美元，目前已超越资产管理巨头贝莱德 (BlackRock) 和代币化公司 Securitize 的产品 BUIDL。 BUIDL 此前是自 4 月份以来市场上最大的产品。

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 产品的快速增长凸显了将代币化产品与去中心化金融 (DeFi) 应用程序互连并将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，以扩大规模并实现更广泛的采用。

Moreover, it showcases crypto investors' preference for yield-generating stablecoins, which are increasingly being 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偏好，这些稳定币越来越受到代币化产品的支持。

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 就从新兴的去中心化金融 (DeFi) 协议 Usual 及其现实世界资产支持、产生收益的稳定币 USD0 的迅速崛起中受益匪浅。

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.

为了抢占 Tether 的 USDT 和 Circle 的 USDC 等中心化稳定币的市场份额，Usual 旨在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，尽管该协议的目标是在未来将额外的 RWA 纳入其储备中。最近，它宣布集成 Ethena 的 USDtb 稳定币，该稳定币建立在 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：“牛市中出现了大量资金流入稳定币，但最大的稳定币的核心问题仍然存在：它们不为最终用户提供任何奖励，也不提供其产生的收益。”沙特尔沃斯，Anagram 合伙人。 “此外，用户无法通过持有 USDT 或 USDC 来获得该协议的任何权益。”

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

“Usual 的吸引力在于它旨在将协议中的收益和所有权重新分配给用户，”他补充道。

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.

在过去的几个月里，该协议及其 0 美元稳定币吸引了超过 13 亿美元的加密投资者资金，因为他们寻求链上收益机会。另一个关键的增长动力是周三该协议的治理代币（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.

据 CoinGecko 称，USUAL 开始在币安上进行交易，并跑赢了一直在经历动荡的更广泛的加密货币市场。据 CoinGecko 报道，该代币自推出以来已升值约 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.

今年早些时候，在 DeFi 平台 Ondo Finance 将 BUIDL 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 也经历了快速增长。