Circle USYC (USYC)USD

Circle USYC is a tokenized money market fund token representing shares in the Hashnote International Short Duration Yield Fund Ltd., which invests in short-term U.S. Treasury bills and reverse repurchase agreements. Hashnote originally built the product. Circle International Bermuda Limited, a Circle entity regulated by the Bermuda Monetary Authority, now operates and issues it after Circle acquired Hashnote in January 2025. USYC is an on-chain representation of a regulated Cayman Islands mutual fund, available to eligible non-U.S. institutional and qualified investors. The token is a centralized, permissioned, yield-bearing instrument issued across multiple blockchain networks, including Ethereum, Base, Solana, BNB Chain, NEAR, and Canton. Yield accrues through price appreciation rather than on-chain staking. Each USYC token represents one fund share and is used primarily as yield-bearing collateral, an investment vehicle for short-duration Treasury exposure, and a settlement asset in trading and institutional DeFi contexts. The token supply is uncapped and elastic, expanding or contracting with subscriptions and redemptions into the underlying fund. Circulating supply is approximately 2.3 billion tokens. USYC gives institutions a regulated, yield-bearing money market fund share in tokenized form, redeemable near-instantly into USDC.