USYC passed BUIDL in tokenized Treasury AUM.


$3.13B vs $2.40B.
Both hold short-duration Treasuries. Both yield ~3.1–3.4%. But ~86% of USYC supply sits on BNB Chain as off-exchange derivatives collateral. That is the entire story.
Collateral rails beat issuer brand.
BNB0.69%
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