The rise of the Usual DeFi protocol catapults Hashnote's tokenized Treasury above BlackRock's BUIDL. USYC from Hashnote is the main backing asset of the popular decentralized finance protocol Usual, whose stablecoin USD0 reached a market capitalization of over one billion dollars in just a few months.

What to know: Hashnote's USYC has become the largest tokenized U.S. Treasury product, surpassing BlackRock's BUIDL and Securitize, according to data from rwa.xyz. Much of the growth is attributed to the rapid rise of the Usual DeFi protocol and its stablecoin USD0, with USYC as the main backing asset. The rapid growth of Hashnote highlights how issuers of tokenized products can grow by interconnecting their tokens with the broader blockchain economy.