Circle USYC token
Overview
USYC is a yield-bearing tokenized money market fund that represents a portfolio of short-term U.S. Treasury bills, reverse repo and cash equivalents, designed to offer on-chain yield. It was originally issued by Hashnote (incubated by Cumberland Labs) and became a Circle product after Circle acquired Hashnote in January 2025. Circle is integrating USYC with USDC as yield-bearing collateral.
Within the DeFi Intel graph, Circle USYC connects to 12 tracked entities, most strongly to Ethereum, Circle, Circle.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 12 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Ethereum | 95% |
issued_by | Circle | 95% |
issues | Circle | 95% |
deployed_on | BSC | 95% |
issued | Hashnote | 95% |
issues | Hashnote | 95% |
backed_by | U.S. Treasury Bills | 90% |
issued_by | Hashnote | 90% |
acquired_by | Circle | 90% |
attests_for | Deloitte | 90% |
Frequently asked questions
What is Circle USYC?
Circle USYC is a tokenized money market fund that aims to provide a yield-bearing stable token, backed by short-term U.S. government securities and cash.
How does USYC differ from USDC?
Unlike USDC, which is a flat-value stablecoin pegged 1:1 to the U.S. dollar, USYC is a yield-bearing token whose value can slightly fluctuate due to accruing interest from its underlying assets.
What backs USYC and what are the risks?
USYC is backed by a portfolio of short-term U.S. Treasury bills and cash equivalents. Risks include potential changes in the underlying portfolio's value and counterparty risk from the issuer, Circle.
What is Circle USYC connected to?
In the DeFi Intel knowledge graph, Circle USYC is linked to 12 other tracked entities, most strongly to Ethereum, Circle, Circle.
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