- Circle Acquires Hashnote for Undisclosed Quantity, Plans to Combine USYC as Collateral on Crypto Exchanges
- Hashnote manages the most important Treasury cash market fund with $1.2 billion below administration
Stablecoin issuer Circle has acquired Hashnote, a regulated asset supervisor that gives buyers structured crypto merchandise.
Hashnote is well-liked for USYC, its Hashnote US Yield coin.
Circle immediately introduced the acquisition of Hashnote and the USYC Tokenized Cash Market Fund.
This strategic transfer, alongside a partnership with world buying and selling firm DRW by @CumberlandSays and information that we’re bringing native USDC to the @RéseauCantonwill redefine the panorama… pic.twitter.com/mB1nBr7x5F
— Circle (@circle) January 21, 2025
Based on a public assertion on Circle's web site, the stablecoin big acquired Hashnote in a strategic partnership with DRW, a world buying and selling firm.
“Circle intends to completely combine USYC with USDC, offering seamless entry between TMMF collateral and USDC, one of the well-liked stablecoins on the earth. This may enable USYC to develop into a most popular type of yield collateral on crypto exchanges, in addition to with custodians and prime brokers.
About USYC
US Yield Coin is a token illustration of Hashnote Worldwide Quick Length Yield Fund Ltd. (SDYF) which invests in U.S. authorities securities repurchase agreements.
It’s the largest fund of its type, with belongings below administration of $1.24 billion. USYC represents the fund's shares, which had an annual yield of three.39% on the time of publication.
USDC and USYC integration
Circle plans to combine USDC and USYC to allow interconvertibility between the 2 belongings, permitting USYC for use as most popular collateral on exchanges and brokers.
Based on Jeremy Allaire, CEO of Circle, “We helped invent tokenized money and are actually main the way in which in tokenized cash markets, which we consider will develop into important to the way forward for the worldwide monetary system. Circle's acquisition of Hashnote and our strategic partnership with DRW subsidiary Cumberland are essential to piloting and delivering these merchandise at scale.
In the meantime, DRW, a liquidity supplier and buying and selling firm, will present liquidity and settlement to USDC and USYC as wanted.
