USYC Becomes Top Tokenized US Treasury with $2 Billion Increase in the Past Year

Circle's USYC has recorded the largest increase among tokenized US Treasury products, growing its market capitalization by $2 billion over the past year. The increase of USYC surpassed that of iBENJI and USDY, which saw increases of $1.7 billion and $1.5 billion, respectively. BlackRock's BUIDL ranked fifth with an increase of $552.5 million, which is $1.4475 billion less than USYC's growth. USYC is a product that represents a money market fund investing in short-term US Treasury bills and repurchase agreements as tokens on the blockchain. Circle introduces USYC as a tokenized money market product based on Hashnote's short-term income fund, allowing institutional users to handle subscriptions and redemptions on-chain. USDC is used for trading and redemptions of USYC, and it is available across multiple networks. However, there are eligibility and regional restrictions, meaning that the increase in market capitalization does not necessarily indicate broader accessibility for individual investors. Tokenized US Treasury products are assets that represent rights or shares of traditional financial products as tokens on the blockchain.

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