USYC
Hashnote US Yield Coin
$1.1171
0.01%
Hashnote US Yield Coin
USYC
$1.1171
0.01%
Hashnote US Yield Coin Price Converter
Hashnote US Yield Coin Information
Hashnote US Yield Coin Markets
About Hashnote US Yield Coin
USYC is a permissioned ERC-20 token representing shares in Hashnote’s International Short Duration Yield Fund (SDYF), which invests in short-term US Treasury bills and repo/reverse-repo. The token is issued by Circle International Bermuda Limited (BMA-regulated); SDYF is a Cayman mutual fund (CIMA-licensed). Access is limited to eligible non-US institutions with a US$100,000 minimum and requires portal onboarding, KYC/AML and wallet allowlisting. Subscriptions and redemptions occur 24/7/365 in USDC via a Smart Contract Teller; after 2:00 pm ET, subscriptions use an effective next-day price. A Private Liquidity Teller can offer up to 100% instant USDC liquidity for a fee. Price equals NAV divided by token supply and is published on chain daily (with principal/interest) via an oracle and Web2 APIs. An Entitlements contract enforces permissions, performs sanctions checks and can halt transfers. Standard fees include a performance fee on yield plus subscription/redemption bps.
Hashnote is a digital asset manager focused on bringing short-duration, dollar-denominated fixed-income strategies on chain for institutions. Its flagship strategy is the Hashnote International Short Duration Yield Fund Ltd. (SDYF), a Cayman Islands mutual fund that invests in short-term US Treasury Bills and undertakes repo/reverse-repo secured by US government collateral. USYC is the on-chain representation of shares in SDYF and connects the fund’s traditional market activity to blockchain rails with on-chain transparency and operational efficiency.
USYC is a permissioned ERC-20 token that represents an interest in SDYF. The fund targets short-term Federal Reserve rate returns by allocating primarily to T-Bills and reverse repo. Tokens represent fund shares: holders are recorded in the transfer agent’s SDYF share registry, and the on-chain token supply is kept in sync with that registry.
USYC is issued by Circle International Bermuda Limited, regulated by the Bermuda Monetary Authority (BMA). The underlying fund is a Cayman Islands mutual fund licensed by the Cayman Islands Monetary Authority (CIMA). Asset custody sits in segregated accounts at the prime broker, providing direct recourse for shareholders.
- On-chain cash management: Hold a tokenised claim on a short-duration US dollar strategy that accrues the underlying yield rather than remaining static at par.
- Collateral and treasury operations: Post USYC as on-chain collateral while retaining exposure to short-term yield; move between USYC and USDC to match settlement and payment needs.
- Programme-matic workflows: Integrate price, access and lifecycle events into applications via a smart-contract oracle and Web2 APIs, enabling automated treasury, reporting and reconciliation.
- Interoperability with stablecoin rails: Subscribe and redeem in USDC to bridge between a yield-bearing asset and a widely used settlement token.
USYC is available only to eligible institutional investors who are not US Persons (as defined under Regulation S) and who meet a minimum investment of US$100,000. Access requires onboarding to SDYF:
- Create an account in the Investor Portal
- Complete the onboarding questionnaire
- Undergo KYC/AML checks by the fund administrator
- Undergo wallet screening; the wallet address is then allowlisted
- Receive confirmation of onboarding success
Only allowlisted wallets associated with KYC’d entities may hold, transfer, subscribe or redeem USYC.
- 24/7/365 access via Smart Contract Teller: Onboarded wallets subscribe and redeem USYC using USDC at any time. The on-chain process is atomic; same-day (T+0) subscription and redemption into USDC are supported, subject to operational windows.
- After-hours handling: Each stablecoin has an after-hours threshold. Subscriptions submitted after 2:00 pm ET are processed at the effective subscription price for the next business day.
- Private Liquidity Teller (PLT): For specific use cases, a PLT can be configured to maintain up to 100% instant USDC liquidity, including defined windows such as weekends. Additional fees apply.
Workflows
- Subscription: After allowlisting, the investor sends USDC to the Smart Contract Teller. Hashnote allocates capital at the prime broker into T-Bills and repo/reverse-repo; USYC is minted to the investor wallet in an amount equal to
USDC deposited ÷ current USYC price. - Redemption: Allowlisted wallets redeem USYC to USDC through the Teller at the latest reported price. The fund administrator updates the SDYF share registry to reflect the burn.
- Daily price publication: USYC’s price is reported on chain once per business day, typically around 06:45 ET, after the prime broker reconciles the prior day’s activity. Trading occurs Monday–Friday, excluding US federal holidays; results are reflected the following morning.
- Price calculation:
USYC price = Prime brokerage account NAV ÷ Total USYC supply. - Effective subscription price: Redemptions occur at the current USYC price. Subscriptions between the daily price report and 2:00 pm ET occur at the current price; subscriptions after 2:00 pm ET are priced at a forecast of the next report to align with whether capital could earn that day’s yield.
- Interest and APR data: The USYC Oracle publishes principal and interest each update, enabling computation of APR and overnight rates, including multi-day accruals (e.g., weekend repo).
- Transparency: Price reports are available via a Chainlink-style aggregator on chain and mirrored through JSON endpoints for current and historical data.
