rwa.xyz data, asset management firm Hashnote's U.S. Treasury token USYC has surged to more than $1.20 billion in market capitalization, growing fivefold in size over the past three months. It has surpassed BUIDL ($450 million) issued by asset management giant BlackRock and tokenization firm Securitize, which is the largest tokenized U.S. Treasury product since April. It is reported that most of USYC's growth is attributed to the rapid rise of the DeFi protocol Commonal and its USD0 stablecoin, of which USYC is the primary backing asset. USD0 is currently mostly backed by USYC, but the protocol aims to add more RWA to the reserve in the future. It recently announced the addition of Ethena's USDtb stablecoin, which is built on top of BUIDL.