$USUAL

The explosive growth of the Usual DeFi Protocol pushes Hashnote's crypto Treasury past BlackRock's BUIDL

Hashnote's USYC is the main supporting asset of the highly popular Usual decentralized finance protocol, whose stablecoin pegged at $0 has surged to a market capitalization of over $1 billion in just a few months.

Things to know:

Data from rwa.xyz shows that Hashnote's asset management company USYC has become the largest U.S. Treasury product in crypto, surpassing BlackRock's BUIDL and Securitize.

Much of this growth is due to the rapid development of the Usual DeFi protocol and its USD0 stablecoin, with USYC serving as the main supporting asset.

Hashnote's rapid growth highlights how issuers of crypto products can grow by connecting their tokens to the broader blockchain economy.

There has been a shift in the rankings of the $3.4 billion crypto Treasury bond market. Hashnote's asset management company USYC has surged over $1.2 billion in market capitalization, increasing fivefold in size over the past three months, data from rwa.xyz shows.

It has dethroned BUIDL, which is worth $450 million, issued by asset management giant BlackRock and crypto company Securitize, as the largest product by size since April. USYC is the iconic representative of the Hashnote International Short Duration Yield Fund, according to the company's website, which invests in reverse repurchase agreements on U.S. government-backed securities and Treasury bonds held at the Bank of New York Mellon.