Hashnote Hashtoken and DeFi Protocol Usual's Record Growth
Date: 2024-12-25 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Hashnote's tokenized asset USYC has become the largest product among tokenized US Treasuries in a few months, overtaking competitors including BlackRock and Securitize with its BUIDL token. Data from rwa.xyz shows that USYC's market cap has exceeded $1.2 billion, increasing fivefold in three months. For comparison, BUIDL has a market cap of $450 million.
USYC is the token of the Hashnote International Short Duration Yield Fund, which invests in reverse repo agreements on U.S. government-backed securities and Treasury bonds under the custody of the Bank of New York Mellon.
The main driver of USYC's growth has been its close relationship with decentralized finance (DeFi) applications. This integration allows the token to become a base element for creating new products. This approach to "composability" encourages mass adoption and attracts investors interested in yield-generating stablecoins that are backed by tokenized assets.
One of the key factors in its success has been the USD0 stablecoin from the Usual protocol, which uses USYC as its main reserve. Usual challenges centralized stablecoins such as USDT and USDC by offering a redistribution of income from reserve assets among USD0 holders. In the future, the protocol plans to expand its list of reserve assets, including the addition of Ethena's USDtb stablecoin, which is based on the BUIDL token.
Anagram partner David Shuttleworth noted:
"While the stablecoin market is growing, major players like USDT and USDC do not provide users with access to the income from their assets. Usual stands out by distributing income and ownership rights among its users."
The Usual protocol has raised $1.3 billion in recent months, stimulating crypto investors' interest in the yield opportunities on the blockchain. In addition, the listing on Binance and the airdrop of the protocol's governance token (USUAL) played a significant role in the growth. Since its listing, the price of the USUAL token has increased by 50% despite the volatility of the crypto market.
Previously, BlackRock's BUIDL token, supported by the DeFi platform Ondo Finance, achieved similar success. The token was used as a reserve asset for their OUSG product, which helped drive its popularity in the first half of the year. However, Hashnote has now taken over the leadership of the $3.4 billion tokenized bond market.
