USYC has become the world’s largest tokenized money market fund, enabling 24/7 creation and redemption via USDC and smart contracts for real-time collateral

Circle has announced that USYC, its tokenized money market fund, has become the world’s largest tokenized money market fund by assets under management, surpassing roughly $2–3 billion in AUM according to third‑party trackers such as RWA.xyz. USYC is an onchain representation of the Hashnote International Short Duration Yield Fund Ltd., a Cayman‑domiciled fund investing primarily in short‑term U.S. Treasury bills and reverse repo, now operated under Circle following its acquisition of Hashnote in January 2025. Circle positions USYC as an institutional cash-equivalent product that sits alongside USDC in its stack, offering yield-bearing exposure to U.S. government-backed instruments while remaining accessible only to qualified, KYC‑approved investors. The fund is tokenized across networks including Ethereum, Sui, and the Canton Network, enabling programmable settlement, onchain transparency, and composability with other financial applications, while retaining permissioned access controls. Circle and Hashnote have integrated infrastructure so that creations and redemptions can be handled against USDC, allowing investors to move between USYC and USDC with near real-time settlement within the constraints of the fund’s dealing windows and subscription/redemption terms. This structure is designed to support 24/7 digital-asset workflows—such as using USYC as real-time collateral—while the underlying fund continues to operate on traditional market schedules. The milestone matters because it reinforces the rapid growth of tokenized cash and collateral instruments on public and permissioned blockchains, an area closely watched by both traditional finance and crypto-native institutions. USYC’s scale and integration into Circle’s broader internet financial platform signal increasing institutional comfort with tokenized treasuries and money market exposure, and it intensifies competition among onchain RWA (real-world asset) products that aim to bring regulated yield and high-quality collateral into crypto market infrastructure.

✨ AI-generated background, compiled from web sources — not editorial content.

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• USYC: Introduction (usyc.docs.hashnote.com)
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• Circle Announces Acquisition of Hashnote (circle.com)

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