Stablecoin Issuer Circle Acquires Hashnote, the Issuer of US Yield Coin (USYC)

Stablecoin issuer Circle has acquired Hashnote, the issuer of US Yield Coin (USYC), the company announced on Monday.

Stablecoin issuer Circle has announced the acquisition of Hashnote, the company behind the US Yield Coin (USYC), stablecoin.

According to RWA.xyz, USYC is currently the largest tokenized treasury and money market fund, with $1.52 billion in assets under management as of January 15, 2025.

The acquisition will see USYC integrate with Circle’s stablecoin, USDC, to enable 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

This integration marks a significant development in the stablecoin market, where cash and short-duration treasury bill assets become fungible and convertible at the speed of blockchains and crypto capital markets,” said Jeremy Allaire, CEO and chairman of Circle.

“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.

Circle also announced a strategic partnership with DRW subsidiary Cumberland, a leading provider of institutional crypto liquidity.

Cumberland will expand its settlement capabilities for USDC and USYC, enabling their use as preferred collateral instruments.

Additionally, Circle will integrate USDC and USYC with the Canton blockchain, enabling 24/7 collateral and margin movements.

Finally, Circle will deploy native USDC on the Canton Network, a blockchain designed for private financial applications.

According to the announcement, Canton facilitates $3.6 trillion in real-world asset issuance and $1.5 trillion in monthly repo transactions.

This integration will enable 24/7 convertibility between USDC and USYC for TradFi markets, the company said.