Hashnote's USYC token has become the leading tokenized U.S. Treasury product, surpassing both BlackRock's and Securitize's BUIDL, according to rwa.xyz data.\n\nMuch of this growth is attributed to the outstanding performance of the DeFi protocol Usual and its USD0 stablecoin. While USYC represents a primary backing asset, its rise demonstrates how interconnected tokenized products within the blockchain ecosystem can achieve rapid growth.\n\n### Key Takeaways:\n- Hashnote's USYC token surpassed $1.2 billion in market capitalization, increasing five-fold in the past three months.\n- This product has outperformed BUIDL, which was the dominant player since April.\n- By linking tokens to broader DeFi applications, tokenized issuers can scale and achieve wider acceptance.\n\nUSYC is tied to the Hashnote International Short Duration Yield Fund, which engages in reverse repo agreements involving U.S. government-backed securities. This approach highlights the appeal of yield-making stablecoins backed by tokenized products.\n\nHashnote's rapid ascent is also influenced by the soaring demand for on-chain yield opportunities, with USD0 stablecoin raising $1.3 billion as investors seek lucrative investments. Another catalyst is the recent exchange listing of the governance token (USUAL), which surged approximately 50% since its debut on Binance.\n\nDavid Shuttleworth from Anagram remarked, "The bull market triggered a massive inflow into stablecoins, yet the core issue with the largest stablecoins remains: they lack rewards for end users and do not give access to the yield they generate.”\n\nMarket cap of Hashnote's USYC and BUIDL over time\nMarket cap of Hashnote's USYC vs BUIDL over time (source: rwa.xyz)