OCB — Trust Rating
USYC Trust Rating
Hashnote · Tokenized share of a short-term U.S. Treasury and reverse repo strategy.
USYC (Hashnote) scores 46/100 on OnChain Benchmark's Verified Capital Trust Rating — Limited band — across four dimensions: disclosure quality 1/25, redemption liquidity 17/25, structural trust 18/25, and holder concentration 4/25 (methodology v1.2, as of Aug 26, 2026).
Verified Capital Trust Rating
OCB — 01
USYC across four dimensions
Each dimension is scored out of 25, then multiplied by its weight and summed into the /100 composite — so the four dimension scores are a weighted, not a plain, sum. Last scored Aug 26, 2026 on methodology v1.2.
| Dimension | Score | Weight |
|---|---|---|
| Disclosure Quality | 1 / 25 | ×0.4 |
| Redemption Liquidity | 17 / 25 | ×0.9 |
| Structural Trust | 18 / 25 | ×1.4 |
| Holder Concentration | 4 / 25 | ×1.3 |
| CompositeΣ (score × weight) | 46 / 100 |
OCB — 02
OCB Instrument
Rating history
OCB — 03
Evidence behind the rating
A sample of the verified facts behind USYC's score. Each finding carries a confidence level; the full diligence trail is in the terminal.
- Disclosure Qualitygovernance finding95% confidence
owner() on ShortDurationYieldCoinProxy returned a plain EOA — no Contract tab on Etherscan. 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). Single EOA controls UUPS upgrades on ~$3B token — no multisig, 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).
Verified Jun 1, 2026· Etherscan address page — no Contract tab. Funded by Hashnote: Deployer. 3 txns: 2 Upgrade To calls to USYC token. - Holder Concentrationaddress exclusion95% confidence
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.
Verified Jun 1, 2026· Etherscan token holders tab — "Usual: Treasury" Etherscan label on rank-2 holder. - Holder Concentrationaddress exclusion95% confidence
Etherscan label "Deribit 16" (category: Exchange). Deribit is a centralized derivatives exchange. Holds 5.24% of USYC supply as exchange collateral.
Verified Jun 1, 2026· Etherscan token holders tab — "Deribit 16" Exchange label on rank-4 holder. - Disclosure Qualityattestation source95% confidence
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.
Verified Jun 1, 2026· Direct inspection of usyc.hashnote.com (redirects to circle.com) and circle.com transparency pages. - Holder Concentrationholder investigation40% confidence
No Etherscan label. Holds 42.95% of USYC supply. Likely a Hashnote custody or distribution contract but not confirmed — no SafeProxy or other contract source verified.
Verified Jun 1, 2026· Etherscan token holders tab — rank 1, no label. - Holder Concentrationholder investigation40% confidence
No Etherscan label. Holds 13.57% of USYC supply. No further investigation completed.
Verified Jun 1, 2026· Etherscan token holders tab — rank 3, no label.
OCB — 04
Key facts
- Issuer
- Hashnote
- Asset class
- Tokenized U.S. Treasuries
- Chains
- Ethereum · BNB Chain
- Methodology
- v1.2
- Last scored
- Aug 26, 2026
- Rubric
- Verified Capital Trust Rating
Supply figure: Ethereum + BNB Chain — excludes a negligible Solana balance
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.