Hashnote

Hashnote receives a C+ risk grade (41/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — backed by the safest asset in the world (US Treasuries) but the custody chain and regulatory status add meaningful risk layers A tokenized US Treasury fund (USYC) that lets you earn government bond yields on-chain. It manages $500M and is the primary backing for Usual's USD0 stablecoin ($700M). Its C grade reflects the concentrated counterparty risk where Hashnote's failure would cascade through USD0 into broader DeFi.

The key risks identified for Hashnote are: (1) Usual's $700M stablecoin depends almost entirely on Hashnote's USYC. If Hashnote has an operational failure, USD0 breaks its dollar peg and triggers liquidations across every DeFi protocol that accepts it (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 41/100 across eight risk dimensions: Mechanism Novelty: 2/15, Interaction Severity: 10/20, Oracle Surface: 2/10, Documentation Gaps: 3/10, Track Record: 3/15, Scale Exposure: 7/10, Regulatory Risk: 8/10, Vitality Risk: 6/10. The highest risk area is Regulatory Risk at 8/10.

Among 72 rated RWA protocols on Hindenrank, Hashnote ranks #47 by safety (lowest risk score = safest). Its 41/100 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.