
Circle Buys Hashnote
On January 21, Circle Internet Financial, the issuer of stablecoins, acquired Hashnote, the issuer of US Yield Coin (USYC), a fund that tokenizes real-world assets (RWA).
This acquisition will allow USYC to become the preferred form of collateral with crypto exchanges, custodians, and prime brokers. According to data provider RWA.xyz, Hashnote’s USDY is the most popular tokenized money fund with a market capitalization of $1.25 billion.
As part of the deal, Circle has also partnered with DRW, one of the largest institutional crypto traders. DRW will enhance their institutional-grade liquidity and settlement capabilities in USDC and USYC to make collateral management more efficient and seamless.
Additionally, Circle plans to fully integrate USYC with USDC, providing easy access between tokenized money market fund collateral and stablecoins.