Hashnote USYC (USYC) stablecoin analytics
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USYC
Hashnote's USYC has surged past $2 billion to become the largest tokenized Treasury product — and the most invisible, with zero DEX liquidity, a single-source price feed, and deployment on just two chains. The C+ safety grade on a product backed entirely by T-bills and reverse repos sounds paradoxical until you see the breakdown: an F in decentralization and the worst effective exit score of any top-ten stablecoin, reflecting the reality that exiting USYC means going through Hashnote's same-day redemption window, not a swap. As a NAV-appreciating token with a climbing price, USYC is less a stablecoin and more a tokenized money market fund — one that has grown explosively on institutional demand that apparently cares more about yield-to-maturity than on-chain exit routes. The Bermuda BMA license provides regulatory cover, but the absence of published proof of reserves is a pointed gap for a product of this scale.
Detailed stablecoin analytics coming soon...
