0
0
News

Circle Acquires the Largest Tokenized Money Market Fund

Circle pushes forward as it acquires USYC issuer Hashnote.
0
0
Jan 22, 2025 • 1 min read

Circle, the issuer of USDC, has acquired Hashnote and its tokenized money market fund (USYC).

What’s the Scoop?

  • USYC's Backing: USYC is backed by U.S. Treasury debt and reverse repurchase agreements, with a total value of over $1.25B in assets.
  • Integration with USDC: Circle plans to link USYC with USDC for seamless conversion between stablecoins and tokenized collateral.
  • Heat for Tether: In 2024, Tether launched Hardon, allowing users to tokenize a wide range of assets. Circle’s acquisition could be in response to Tether hopping into the RWA sector first.

Bankless Take:

Circle’s acquisition of USYC shows a shift toward integrating tokenized RWAs into DeFi. By connecting USDC with tokenized collateral, Circle is looking to enhance USDC's utility and appeal to institutions and people outside the crypto space. With Tether also stepping into the RWA space last year, the battle for dominance in the RWA sector is heating up.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

There’s a revolution in the world of money. Ethereum, Bitcoin, crypto, open finance, DeFi—a bankless revolution. And you want part of it.

Are you sure you want
to log out?
You'll lose access to your Bankless account until you log back in again. Oh and also, we'll miss you too much! 😢
Cancel
Continue
Account Light mode Log Out