DeFi Protocol Usual’s Momentum Pushes Hashnote’s Tokenized Treasury Above BlackRock’s BUIDL.

Hashnote’s USYC Token Boosts DeFi Protocol Usual’s Explosive Growth

Hashnote’s USYC token is driving the rapid expansion of the decentralized finance (DeFi) protocol Usual, whose USD0 stablecoin has recently surpassed a $1 billion market capitalization within just a few months. This shift has reshaped the tokenized Treasuries market, valued at $3.4 billion.

Data from rwa.xyz shows that Hashnote’s USYC token has experienced a remarkable surge, with its market cap jumping over $1.2 billion—five times its size in just three months. This growth has allowed USYC to surpass BlackRock’s BUIDL, which had been the top token in the market since April, with a market cap of $450 million.

The USYC token is tied to the Hashnote International Short Duration Yield Fund, which invests in reverse repurchase agreements on U.S. government-backed securities and Treasury bills held by the Bank of New York Mellon, according to the company’s website.

Hashnote’s growth highlights the increasing importance of integrating tokenized assets with decentralized finance platforms. By enabling tokens to be used in other DeFi applications—a practice known as composability—Hashnote is tapping into the growing demand for yield-bearing stablecoins, which are supported by tokenized real-world assets (RWAs).

The success of USYC is closely tied to Usual’s rise, particularly its USD0 stablecoin. Usual aims to challenge established centralized stablecoins like Tether’s USDT and Circle’s USDC by offering rewards to holders through the redistribution of revenue generated by its backing assets. Currently, USYC is the primary backing asset for USD0, but Usual has plans to expand its reserves with additional RWAs. Recently, Usual integrated Ethena’s USDtb stablecoin, which is backed by BUIDL.

“The bull market triggered massive interest in stablecoins, but the problem with the largest stablecoins is they don’t offer any rewards or yield to users,” said David Shuttleworth, partner at Anagram. “Moreover, USDT and USDC don’t provide users with equity in the protocol.”

“What makes Usual attractive is its ability to redistribute yield and ownership in the protocol back to its users,” he added.

Usual’s USD0 stablecoin has raised $1.3 billion in recent months as crypto investors seek on-chain yield opportunities. A significant factor driving growth was the launch and exchange listing of Usual’s governance token, USUAL, on Binance. Since its debut, USUAL has surged by about 50%, outpacing the broader crypto market, according to CoinGecko data.

Earlier this year, BlackRock’s BUIDL also saw rapid growth, spurred by its role as the primary reserve asset for the yield-earning Ondo Short-Term US Government Treasuries (OUSG) token, issued by DeFi platform Ondo Finance.