OCB — Quality Rating · Tokenized treasuries
USYC Quality Rating
USYC (Hashnote) scores 55/100 on OnChain Benchmark's RWA Quality Rating — rated Developing (methodology v1.6, as of Oct 10, 2026).
Updated daily
Quality score
55
of 100 · Developing
Dimensions measured
4
of 4
Chains
2
with measured supply
Why USYC scores 55
The biggest gap in USYC's score is how concentrated its ownership is.
Each dimension's score is multiplied by its weight and summed: 55.30 of a possible 100, rounded to 55.
Composite
55 / 100
| Dimension | Score |
|---|---|
Holder Concentration Ownership is concentrated: the top 10 holders across Ethereum and BNB Chain own 99.9% of the free float on those chains. Upgrade factorA wider holder base, with the top 10 owning 80% or less (9 of 25). | 4 / 25 |
Structural Trust Custody is only partly verified: there is some independent confirmation, but not the full, itemized verification that earns top marks. An admin can upgrade the contract without a timelock, controlled by a standard multisig (such as 3-of-5). The issuer is supervised by BMA (Bermuda). Upgrade factorCustody verified independently, with public reports. | 18 / 25 |
Disclosure Quality There is no independent way to check the holdings. The latest attestation is 1 day old, with 20 in the last six months. Upgrade factorIndependent confirmation of this token's own holdings, at least monthly. | 15 / 25 |
Redemption Liquidity Redemption runs through the fund's NAV facility; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (24 of 25). | 21 / 25 |
Rating history
No change since Oct 10, 2026
USYC has held its 55/100 rating (Developing) with no change since Oct 10, 2026.
Key facts
Issuer, rubric and methodology
- Issuer
- Hashnote
- Asset class
- Tokenized treasuries
- Rubric
- RWA Quality Rating
- Methodology
- v1.6
- Last scored
- Oct 10, 2026
- What it is
- Tokenized share of a short-term U.S. Treasury and reverse repo strategy.
Chains
Share of measured supply by chain
With measured supply
2
| Chain | Share of measured supply |
|---|---|
| BNB Chain | 98.4% |
| Ethereum | 1.6% |
Supply scope: Ethereum + BNB Chain — excludes a negligible Solana balance
Evidence
Verified facts behind the rating
A sample of the verified facts behind USYC’s score. The full diligence trail is in the terminal.
Facts shown
4
| Dimension | Finding | Verified |
|---|---|---|
| Holder Concentration | Etherscan label "Deribit 16" (category: Exchange). Deribit is a centralized derivatives exchange. Holds 5.24% of USYC supply as exchange collateral. | Jun 1, 2026 |
| Holder Concentration | Etherscan label "Usual: Treasury". Usual is a DeFi yield-bearing stablecoin protocol that wraps USYC as collateral. Holds 28.71% of USYC supply as a protocol reserve. | Jun 1, 2026 |
| Disclosure Quality | Investigated exhaustively 2026-06-01. usyc.hashnote.com redirects to circle.com. No reserve reports, no attestation PDFs, no public portal found anywhere on circle.com or hashnote.com. Hashnote acquired by Circle early 2024 — reserve reporting appears discontinued or not yet migrated. Monitor circle.com quarterly. If Circle launches a unified reserve portal covering USYC, this evidence should be re-verified against it. | Jun 1, 2026 |
| Disclosure Quality | The owner on a smart contract returned an individual wallet — no publicly verified contract source. Funded by "Hashnote: Deployer". Only 3 transactions: 1 funding transfer in, 2 "Upgrade To" calls out to USYC token (314 days ago and 174 days ago). A single individual wallet controls upgradeable upgrades on ~$3B token — no multi-signature wallet, no timelock. Hashnote acquired by Circle early 2024 — the key may be under Circle infrastructure but admin has not changed onchain. Higher risk than BUIDL/BENJI due to fund AUM (~$3B vs $115M). | Jun 1, 2026 |
Cite this rating
Reference USYC’s rating
Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.
OnChain Benchmark (2026). USYC Quality Rating: 55/100 (Developing), as of Oct 10, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/usyc
OnChain Benchmark (2026) 'USYC Quality Rating', OnChain Benchmark, Developing, 55/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/usyc (Accessed: Oct 10, 2026).
@misc{ocb_usyc_2026,
author = {{OnChain Benchmark}},
title = {{USYC Quality Rating}},
year = {2026},
note = {55/100, Developing, methodology v1.6},
url = {https://onchainbenchmark.com/instruments/usyc}
}The interactive terminal shows every verified fact behind USYC's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.