Hashnote International Short Duration Yield Fund (USYC) fund
Overview
USYC is the tokenised money market fund originally created by Hashnote — the Hashnote International Short Duration Yield Fund, marketed as US Yield Coin — and now owned by Circle. On 21 January 2025 Circle Internet Group announced it had acquired Hashnote Holdings LLC, the issuer of USYC, under a definitive merger agreement effective as of 31 December 2024; the transaction closed the same day it was announced. At the time of the deal Hashnote's USYC was the largest tokenised money market fund, with a market capitalisation of nearly $1.3 billion, representing about 34% of a tokenised Treasury market then valued at $3.5 billion. Circle's stated rationale was to integrate USYC with USDC — then a roughly $48 billion stablecoin — so that USYC could serve as a preferred form of yield-bearing collateral on crypto exchanges and with custodians and prime brokers. The acquisition was announced alongside a strategic partnership with global trading firm DRW, via its affiliate Cumberland, to drive institutional adoption of both USDC and USYC, and news that Circle would bring native USDC to the Canton Network. Hashnote, an onchain-focused fintech, pioneered USYC and grew it into the largest tokenised money market fund. Circle signed a merger agreement effective 31 December 2024 and closed the acquisition on 21 January 2025, folding USYC into its stablecoin and collateral strategy alongside a DRW/Cumberland partnership.
Within the DeFi Intel graph, Hashnote International Short Duration Yield Fund (USYC) connects to 7 tracked entities, most strongly to Hashnote, Ethereum, Binance.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 7 of 7 total).
| Relation | Connected entity | Confidence |
|---|---|---|
issued_by | Hashnote | 95% |
deployed_on | Ethereum | 90% |
deployed_on | Binance | 90% |
deployed_on | Canton Network | 85% |
deployed_on | NEAR Protocol | 85% |
deployed_on | Noble | 85% |
complies_with | SEC Regulation S | 80% |
Frequently asked questions
What is Hashnote International Short Duration Yield Fund (USYC)?
Hashnote International Short Duration Yield Fund (USYC) is a tokenized-treasury tracked in the DeFi Intel knowledge graph. It is connected to 7 other tracked entities, most strongly to Hashnote, Ethereum, Binance.
What type of entity is Hashnote International Short Duration Yield Fund (USYC)?
Hashnote International Short Duration Yield Fund (USYC) is classified as a tokenized-treasury (fund) in the DeFi Intel knowledge graph.
What is Hashnote International Short Duration Yield Fund (USYC) connected to?
In the DeFi Intel knowledge graph, Hashnote International Short Duration Yield Fund (USYC) is linked to 7 other tracked entities, most strongly to Hashnote, Ethereum, Binance.
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