- Circle acquires Hashnote for an undisclosed quantity and plans to combine USYC as collateral on crypto exchanges
- Hashnote manages the most important Treasury observe cash market fund with $1.2 billion beneath administration
Stablecoin issuer, Circle, has acquired Hashnote, a regulated asset supervisor that gives buyers structured crypto merchandise.
Hashnote is fashionable for USYC, its Hashnote US Yield coin.
Circle introduced immediately the acquisition of Hashnote and USYC Tokenized Cash Market Fund.
This strategic transfer, alongside a partnership with international buying and selling agency DRW by way of @CumberlandSays and information that we’re bringing native USDC to the @CantonNetwork, is ready to redefine the panorama… pic.twitter.com/mB1nBr7x5F
— Circle (@circle) January 21, 2025
In keeping with a public assertion on Circle’s web site, the stablecoin large acquired Hashnote alongside a strategic partnership with DRW, a worldwide buying and selling agency.
“Circle intends to fully integrate USYC with USDC, offering seamless access between TMMF collateral and USDC, one of the world’s most popular stablecoins”, the assertion 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 illustration of the Hashnote Worldwide Brief Length Yield Fund Ltd. (SDYF) which invests in reverse repurchase agreements on US authorities securities.
It’s the most important fund of its type, with an AUM of $1.24 billion. USYC represents shares within the fund, which had an annual yield of three.39% as of publication.
USDC and USYC integration
Circle plans to combine USDC and USYC to allow interconvertibility between each property, permitting USYC for use as most popular collateral on exchanges and brokers.
In keeping with 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. Circle’s acquisition of Hashnote and our strategic partnership with DRW-affiliate Cumberland are crucial to driving and delivering these products at scale.”
In the meantime, DRW, a liquidity supplier and buying and selling agency, will present liquidity and settlement to USDC and USYC the place wanted.