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Circle has announced its acquisition of Hashnote, a leading issuer of tokenized real-world assets, known for its $48 billion USDC stablecoin. This deal was finalized during the World Economic Forum in Davos, Switzerland.
Hashnote’s USYC and Circle
In a press release, Circle confirmed the purchase of Hashnote, which issues the $1.3 billion tokenized money market fund USYC. This acquisition positions Circle prominently in integrating USDC with tokenized assets, aligning with its strategy to merge traditional financial markets with blockchain technology.
Hashnote’s USYC token has become the largest tokenized U.S. Treasury product, set to be integrated into Circle’s platform. This integration will enable the use of USYC as collateral generating yield in digital asset exchanges, major brokers, and custodial services.
Partnership with Cumberland
As part of its expansion strategy, Circle has partnered with Cumberland, which will provide settlement and collateral management services for USDC and USYC to enhance liquidity at an institutional level.
This collaboration will accelerate the adoption of Circle’s stablecoins and tokenized assets in global trading platforms. The acquisition of Hashnote is viewed as a significant step in the evolution of tokenized money markets.
With the combination of USDC and USYC, Circle aims to create a unified system allowing the conversion between cash and yield-generating assets. CEO Jeremy Allaire expressed optimism about crypto-friendly policies and the potential easing of restrictive regulations like SAB 121.
Leo Mizuhara, CEO of Hashnote, stated that joining Circle enhances their ability to rapidly increase adoption by combining USDC with USYC. These developments are seen as a critical step for Circle in achieving its strategic goals in cryptocurrencies and tokenized assets.
