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Deployments · platform by Circle

Circle USYC (Hashnote International Short Duration Fund)Updated 7 Nov 2026

A tokenised money market fund for non-US investors, built by Hashnote and bought by Circle in January 2025. Each token is a share of a Cayman Islands fund holding short-term Treasuries and repo, administered on chain by a Bermuda-licensed Circle entity. Binance accepts it as off-exchange collateral for institutional clients, which is why most supply sits on BNB Chain. It is the largest tokenised Treasury product tracked by rwa.xyz in October 2026.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since Jan 2025[4] — Above $1.5 billion at acquisition and about $2.38 billion on chain in October 2026. · Reviewed 1d ago

Assets
Fund interest[3]
Each token is one share of Hashnote International Short Duration Fund Ltd
Networks
Ethereum Public, permissionless[2]
BNB Chain Public, permissionless[3]
Solana Public, permissionless[2]
Negligible supply in October 2026.
Use cases
Primary issuance[2]Fund subscription and redemption[2]Collateral mobility[3]
Jurisdictions
Cayman Islands

Participants

Assets

Moves across networks

Metrics

  • ~$1.52bnAssets under management · as of 15 Jan 2025[4]
    rwa.xyz figure cited at the time of the acquisition.
  • $2.38bnAssets under management · as of 11 Oct 2026[2]
    On-chain via rwa.xyz.
  • ~$2.34bnAssets on BNB Chain · as of 11 Oct 2026 · on BNB Chain[2]
    On-chain via rwa.xyz: 2.06 billion tokens at about $1.14.
  • ~$39.18mAssets on Ethereum · as of 11 Oct 2026 · on Ethereum[2]
    On-chain via rwa.xyz: 34.4 million tokens at about $1.14.
  • 35 holdersToken holders · as of 11 Oct 2026[2]
    On-chain via rwa.xyz.
  • $2.1bnAssets under management · as of 27 Oct 2026[1]

Timeline

  1. Happened 24 Jul 2025 · Scope expansion · recorded 11 Oct 2026
    Binance accepts USYC as off-exchange collateral for institutional clients and Circle plans native issuance on BNB Chain.[3]
  2. Happened 21 Jan 2025 · Participant joined · recorded 11 Oct 2026
    Circle completes its acquisition of Hashnote and USYC and says it will integrate USYC with USDC; DRW's Cumberland joins as a liquidity partner.[4]

Sources

  1. [1]USYC — Circle. Accessed 7 Nov 2026.B
  2. [2]USYC asset page — RWA.xyz. Accessed 11 Oct 2026.A
  3. [3]Circle's USYC Now Supported as Yield-Bearing Off-Exchange Collateral for Binance's Institutional Clients — Circle, 24 Jul 2025. Accessed 11 Oct 2026.B
  4. [4]Circle Acquires Hashnote and USYC — The Defiant, 21 Jan 2025. Accessed 11 Oct 2026.C
  5. [5]Supported blockchains and domains — Circle. Accessed 13 Oct 2026. USYC is supported on CCTP only on Ethereum and BNB Smart Chain..B
  6. [6]USYC docs: Service Providers — Hashnote. Accessed 28 Oct 2026. Undated docs page; still live after Circle's acquisition of Hashnote..B
  7. [7]USYC asset page (service providers) — RWA.xyz. Accessed 28 Oct 2026. Service-provider metadata on the RWA.xyz asset page; RWA.xyz data, not an issuer document..C
  8. [8]USYC product page — Circle. Accessed 28 Oct 2026.B

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