CoinDesk reports that there has been a change in the rankings of the $3.4 billion tokenized Treasuries market. Asset manager Hashnote’s USYC token has surpassed BlackRock and Securitize’s BUIDL token as the largest product in the market, with a market capitalization of over $1.2 billion. This growth is attributed to the token’s connection with the decentralized finance (DeFi) protocol Usual, which offers a yield-generating stablecoin backed by USYC. The recent addition of Ethena’s USDtb stablecoin to Usual’s reserves has also contributed to the token’s growth. The protocol’s governance token (USUAL) was recently listed on Binance, further boosting its value. This growth highlights the demand for yield-generating stablecoins and the importance of composability in the crypto market.
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