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Circle Plans to Bring $1B Tokenized Treasury Issuer Hashnote Under Bermuda License
The stablecoin issuer acquired Hashnote earlier this year with plans to expand its USYC token as collateral option for institutional investors.
Mar 13, 2025, 1:53 p.m.
What to know:
- USDC stablecoin issuer Circle plans to bring its recently acquired Hashnote Tokenized Money Market Fund under Bermuda’s regulatory oversight, incorporating it into its existing Digital Assets Business Act license.
- Hashnote issues USYC, the largest tokenized money market fund with nearly $1 billion in assets.
- Circle CEO Jeremy Allaire sees Bermuda as a "natural choice" for USYC operations, given its role in digital asset regulation.
Circle Internet Group, Inc., the company behind the $58 billion USDC stablecoin, said on Thursday it plans to bring its recently acquired Hashnote Tokenized Money Market Fund (TMMF) under Bermuda’s regulatory oversight. The fund, which manages nearly $1 billion assets, will be incorporated into Circle’s existing Digital Assets Business Act (DABA) license, the company said in a press release.
Hashnote issues USYC, the largest tokenized money market fund, according to rwa.xyz data. By integrating USYC with USDC, Circle aims to allow seamless movement between a yield-bearing asset and one of the most widely used stablecoins and boost USYC as a collateral option on exchanges, custodians and prime brokers.
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Circle CEO Jeremy Allaire emphasized Bermuda’s role in digital asset regulation, calling it a “natural choice” for USYC operations. The Bermuda Monetary Authority (BMA) first granted Circle a comprehensive license in 2021, and the firm has since maintained a presence in the jurisdiction.
"Digital financial products like USYC and USDC are strengthening Bermuda’s digital connectivity and our leadership in international business markets,"
Premier of Bermuda David Burt said in a statement.
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