• Circle plans to amass Hashnote for an undisclosed quantity and combine USYC as collateral for cryptocurrency trade
• Hashnote manages the biggest Treasury cash market fund with $1.2 billion underneath administration

Stablecoin issuer Circle has acquired Hashnote, a regulated asset administration firm that gives structured crypto merchandise to traders.

Hashnote is in style for its Hashnote US Yield coin, USYC.

Circle at the moment introduced the acquisition of Hashnote and USYC Tokenized Cash Market Fund.

This strategic transfer, together with a partnership with world buying and selling firm DRW, @cumberland Information to introduce native USDC @CantonNetworkis ready to redefine the panorama… pic.twitter.com/mB1nBr7x5F

— Circle (@circle) January 21, 2025

Based on an official assertion posted on Circle’s web site, the stablecoin large has acquired Hashnote together with a strategic partnership with world buying and selling firm DRW.

“Circle intends to totally combine USYC with USDC, offering seamless entry between TMMF collateral and USDC, one of many world’s hottest stablecoins. It is going to even be a most well-liked type of high-yield collateral for custodians and prime brokers.”

About USYC

US Yield Coin is the tokenization of Hashnote Worldwide Brief Length Yield Fund Ltd. (SDYF), which invests in reverse repurchase agreements on US authorities securities.

It’s the largest fund of its form, with property underneath administration of $1.24 billion. USYC represents the fund’s shares, which had an annual yield of three.39% on the time of issuance.

USDC and USYC integration

Circle plans to combine USDC and USYC to allow mutual trade between each property and permit USYC for use as most well-liked collateral for exchanges and brokers.

Circle CEO Jeremy Allaire mentioned: “We helped invent tokenized money and are actually main the best way in tokenized cash markets, and we imagine each might be important to the way forward for the worldwide monetary system. Circle ’s acquisition of Hashnote and our strategic partnership with DRW affiliate Cumberland are crucial to advancing 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.