Share this article
Circle Expands $635M Tokenized Treasury Fund to Solana Amid Rapid RWA Growth
USYC, Circle’s tokenized money market fund, is currently the fifth largest offering in the rapidly growing $8 billion tokenized treasuries sector.
Oct 1, 2025, 4:17 p.m.
Make us preferred on Google
What to know:
- Circle's tokenized U.S. Treasury fund, USYC, is now available on Solana, expanding beyond the Ethereum, Near, Base, and Canton networks.
- The tokenized treasury market has grown to nearly $8 billion, more than tripling in size in a year driven by institutional interest in real-world assets on blockchain rails.
- USYC has a $630M market cap, ranking fifth among tokenized treasury offerings.
In this article
Circle (CRCL), the crypto company known for its USDC stablecoin, introduced on Wednesday its tokenized U.S. Treasury fund offering to Solana, expanding its footprint to the blockchain known for low-cost transactions and fast settlement times.
The move expands the USYC token beyond Ethereum, Near, Base and Canton networks and the planned addition of BNB Chain.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
USYC is a tokenized version of a short-duration U.S. government money market fund. The fund is redeemable in real time into USDC, Circle’s dollar-backed stablecoin, and is available only to non-U.S. institutional investors who pass know-your-customer (KYC) checks. That makes USYC permissioned by design, in contrast to other tokens commonly used in decentralized finance (DeFi).
The broader tokenized treasury market has seen explosive growth recently, swelling to nearly $8 billion today from $2.4 billion in a year, RWA.xyz data shows. That increase reflects the growing institutional appetite for real-world assets (RWAs) on blockchain rails, particularly yield-bearing government securities. They are increasingly used as collateral for lending and margin trading, or as a building block for other yield-generating strategies.
With a market cap of $635 million, USYC is the fifth-largest tokenized treasury fund, according to data from RWA.xyz.
Solana’s integration adds new potential use cases, including using USYC as margin collateral for derivatives trading or as a yield-bearing asset in Solana-based decentralized finance (DeFi) platforms. However, USYC requires protocols to integrate eligibility checks and wallet allow-listing, a hurdle that many applications will need further development to support it.
Read more: Republic to Tokenize Animoca Brands Equity on Solana to Broaden Investor Access
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Higit pang Para sa Iyo
Wall Street giant Apollo deepens crypto push with Morpho token deal
The asset manager overseeing more than $900 billion assets may buy up to 90 million MORPHO tokens as part of a partnership to support DeFi credit market, it said.
Ano ang dapat malaman:
- Apollo Global Management struck a cooperation agreement to support lending markets built on Morpho’s onchain protocol.
- The deal allows Apollo to acquire up to 90 million MORPHO tokens over 48 months.
- The move follows BlackRock's push into decentralized finance earlier this week, listing its tokenized fund and buying tokens of decentralized exchange Uniswap.
Top Stories
