Circle acquires Hashnote, plans to integrate USYC
- Circle acquires Hashnote for an undisclosed amount and plans to integrate USYC as collateral on crypto exchanges
- Hashnote manages the largest Treasury note money market fund with $1.2 billion under management
Stablecoin issuer, Circle, has acquired Hashnote, a regulated asset manager that offers investors structured crypto products.
Hashnote is popular for USYC, its Hashnote US Yield coin.
Circle announced today the acquisition of Hashnote and USYC Tokenized Money Market Fund.
This strategic move, alongside a partnership with global trading firm DRW via @CumberlandSays and news that were bringing native USDC to the @CantonNetwork, is set to redefine the landscape pic.twitter.com/mB1nBr7x5F
Circle (@circle) January 21, 2025
According to a public statement on Circles website, the stablecoin giant acquired Hashnote alongside a strategic partnership with DRW, a global trading firm.
Circle intends to fully integrate USYC with USDC, offering seamless access between TMMF collateral and USDC, one of the worlds most popular stablecoins, the statement reads. This will enable USYC to emerge as a preferred form of yield-bearing collateral on crypto exchanges, and also with custodians and prime brokers.
About USYC
US Yield Coin is a tokenized representation of the Hashnote International Short Duration Yield Fund Ltd. (SDYF) which invests in reverse repurchase agreements on US government securities.
Its the largest fund of its kind, with an AUM of $1.24 billion. USYC represents shares in the fund, which had an annual yield of 3.39% as of publication.
USDC and USYC integration
Circle plans to integrate USDC and USYC to enable interconvertibility between both assets, allowing USYC to be used as preferred collateral on exchanges and brokers.
According to Circle CEO, Jeremy Allaire, We helped invent tokenized cash, and are now leading the way in tokenized money markets, both of which we believe will become essential to the future of the global financial system. Circles acquisition of Hashnote and our strategic partnership with DRW-affiliate Cumberland are crucial to driving and delivering these products at scale.
Meanwhile, DRW, a liquidity provider and trading firm, will provide liquidity and settlement to USDC and USYC where needed.
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