Hashnote USYC surpasses BlackRock BUIDL to become the largest tokenized U.S. Treasury product.

According to data from rwa.xyz, the market capitalization of Hashnote's USYC token has grown fivefold in the past three months, surpassing $1.20 billion, making it the largest tokenized U.S. Treasury product, overtaking BlackRock and Securitize's BUIDL. Its growth is primarily attributed to the rapid rise of the decentralized finance protocol Usual and the stablecoin USD0 it supports, of which USYC is a major underlying asset. Additionally, the Usual protocol has attracted a large number of investors by redistributing yields and protocol ownership back to users, driving its rapid expansion. (CoinDesk)