Circle Acquires Hashnote, Unveils New USYC Fund
Circle, the issuer of USDC, one of the largest stablecoins, announced the acquisition of Hashnote, the company behind the USYC token.
According to RWA.xyz, USYC is the world’s largest tokenized Treasury bond and money market fund, with $1.52 billion worth of assets under management.
USYC and USDC Integration: What It Means for the Market
circle plan Fully integrate USYC and USDC to establish a unified bridge between the two Tokenized A money market asset and one of the most liquid stablecoins in the world. This will enable USYC to serve as yield collateral between cryptocurrency exchanges as well as custodians and prime brokers.
Circle CEO Jeremy Allaire Called the integration of USYC and Hashnote circle A critical step for the platform Stablecoin market.
“We helped invent tokenized cash and are now leading the market for tokenized money, which we believe is critical to the future of the global financial system. Circle acquires Hashnote and our strategic partnership with DRW affiliate Cumberland Relationships are critical to driving and delivering these products at scale,” he added.
USYC is a tokenized money market fund that combines high yield with Safetywhich provides investors with short-term Treasury obligations. With the support of major trading houses and derivatives exchanges, USYC is becoming a valuable tool for efficient collateral management.
“Joining Circle enhances our ability to rapidly scale adoption by pairing it with USDC, a widely used mobile payment and exchange StablecoinHashnote founder and CEO Leo Mizuhara said:
A key component of the deal is Circle’s strategic partnership with Cumberland, an affiliate of DRW and one of the largest institutional cryptocurrency traders. Cumberland will expand the liquidity of USDC and USYC as much as possible and improve the settlement process.
As part of its service expansion, Circle also announced the deployment of native USDC on Canton, the leading public network for confidential and secure financial applications. Canton supports over $3.6 trillion in tokenized assets and $1.5 trillion in monthly repo operations, and is used by top banks, asset managers, and exchanges.
The integration of USYC and USDC with Canton will ensure 24/7 asset availability and instant conversion between collateral and cash on traditional financial markets running on blockchain technology.
CryptoQuant recently reported that USDC liquidity The highest level since February 2023 After minting over 250 million tokens. Analysts speculate that this has something to do with the partnership between Circle and Cumberland.
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