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Stablecoin issuer Circle has acquired Hashnote, the issuer of US Yield Coin (USYC), the company announced on Monday.
According to RWA.xyz, USYC is the largest tokenized treasury and money market fund, managing $1.52 billion as of January 15, 2025.
Circle’s acquisition aims to integrate USYC with its stablecoin USDC, enabling seamless interoperability between cash-like assets and yield-bearing products.
🗞️It’s official! Today, we are a @circle company, and we’re ready to rapidly scale adoption by pairing $USDC, a widely used, liquid payment and trading stablecoin, with $USYC.
Alongside news of Circle’s partnership with global trading firm @DRWTrading via @CumberlandSays and… pic.twitter.com/JxmELtUhYL
The integration of USYC and Hashnote into Circle’s platform marks a major moment in the evolution of the stablecoin market, as cash and yield-bearing short-duration treasury bill assets become fungible and convertible at the speed of blockchains and crypto capital markets," Jeremy Allaire, CEO and chairman of Circle, said.
This is a huge unlock for a market that is increasingly being driven by institutional adoption, and where participants increasingly expect market structures that are common in TradFi,” he added.
Strategic Partnership with DRW’s Cumberland
Circle also announced a partnership with DRW subsidiary Cumberland, a leading institutional crypto liquidity provider.
Cumberland will expand its settlement capabilities for USDC and USYC, supporting their use as preferred collateral instruments. Circle’s integration of USYC and USDC with Canton blockchain will enable 24/7 collateral and margin movement.
USDC Support on Canton Network
Circle revealed plans to deploy native USDC on Canton Network, a blockchain designed for private financial applications. Canton facilitates $3.6 trillion in real-world asset issuance and $1.5 trillion in monthly repo transactions.
The integration will provide 24/7 convertibility between USDC and USYC for TradFi markets, Circle said.