Circle Plans to Take $1B Tokenized Treasury Bond Issuer Hashnote Under Bermuda License
Circle to Bring $1B Tokenized Treasury Bond Issuer Hashnote Under Bermuda License
The stablecoin issuer acquired Hashnote earlier this year with the aim of expanding its USYC token as collateral for institutional investors.
Christian Sandor, AI Boost | Edited by Steven Alpher , 13 Mar 2025 13:53 UTC
Key facts:
- USDC stablecoin issuer Circle plans to bring its recently acquired Hashnote Tokenized Money Market Fund under the control of Bermuda regulators by adding it to its license under the Digital Assets Act.
- Hashnote launches USYC, a leading tokenized money market fund with nearly $1 billion in assets under management.
- Circle CEO Jeremy Allaire sees Bermuda as a “natural choice” for USYC operations due to its role in regulating digital assets.
Circle Internet Group, Inc., the company behind the $58 billion USDC stablecoin, announced on Thursday its plans to place its recently acquired Hashnote Tokenized Money Market Fund (TMMF) under the supervision of Bermuda regulators. The fund, which manages approximately $1 billion in assets, will be included under Circle’s existing Digital Assets Business Act (DABA) license, according to a press release from the company.
Hashnote is issuing USYC, the largest tokenized money market fund, according to rwa.xyz. By integrating USYC with USDC, Circle aims to provide a seamless transition between income-producing assets and one of the most popular stablecoins, as well as increase the value of USYC as collateral on trading platforms, custodians, and prime brokers.
Circle CEO Jeremy Allaire highlighted Bermuda’s importance in regulating digital assets, calling it a “natural choice” for USYC operations. The Bermuda Monetary Authority (BMA) first issued Circle a comprehensive license in 2021, and the company has maintained a presence in the jurisdiction since then.
“Digital financial products such as USYC and USDC strengthen Bermuda’s digital connectivity and our leadership in international markets,”
” said Bermuda Prime Minister David Burt.
