Hashnote

Hashnote receives a C+ risk grade (39/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk -- backed by the safest asset in the world (US Treasuries) and operated by Circle (publicly listed), but heavy Binance/Ceffu custody concentration and regulatory status add meaningful risk layers A tokenized US Treasury fund (USYC) operated by Circle (NYSE:CRCL) that lets you earn government bond yields on-chain. It manages $2.83B in assets as the #1 tokenized Treasury fund globally, with ~65% of TVL held as Binance institutional collateral on BNB Chain. Its C grade reflects concentrated counterparty risk at both the Binance/Ceffu custody level and downstream in protocols that use USYC-backed stablecoins.

The key risks identified for Hashnote are: (1) About 65% of USYC's assets (~$1.84B) are held on BNB Chain as Binance institutional collateral via Ceffu. If Binance reduces this exposure, the resulting redemption wave would exceed normal T+1 settlement capacity and temporarily depeg USYC on secondary markets (2) Redeeming for actual dollars takes at least one business day because Treasuries settle on T+1. During a panic, you wait in line while the token price drops on secondary markets (3) If regulators decide USYC is an unregistered security, they can freeze the tokens and seize the underlying Treasuries. Your money could be locked indefinitely during legal proceedings

Hashnote scores 39/100 across eight risk dimensions: Mechanism Novelty: 2/15, Interaction Severity: 12/20, Oracle Surface: 2/10, Documentation Gaps: 3/10, Track Record: 3/15, Scale Exposure: 7/10, Regulatory Risk: 5/10, Vitality Risk: 5/10. The highest risk area is Scale Exposure at 7/10.

Among 77 rated RWA protocols on Hindenrank, Hashnote ranks #46 by safety (lowest risk score = safest). Its 39/100 risk score and C+ grade place it in the middle tier of RWA protocols.

Hashnote scores 3/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.