Circle USYC

Circle USYC (USYC) is a tokenized money market fund — a blockchain-based representation of shares in the Hashnote International Short Duration Yield Fund. The fund invests in short-term US Treasury bills and engages in repurchase (repo) and reverse-repo activity, so holding USYC gives on-chain exposure to short-term US government debt yields.

USYC was originally developed by Hashnote, and the product came under the Circle umbrella — the company best known for the USDC stablecoin — after Circle acquired Hashnote in 2025. It belongs to the fast-growing category of tokenized real-world assets (RWAs), and specifically tokenized Treasuries, which bring traditional cash-management instruments onto public blockchains.

How USYC differs from a stablecoin

Unlike a stablecoin, USYC is not pegged to exactly one dollar. Because the underlying fund earns short-term interest at rates close to the US Federal Reserve's policy rate, the token's value reflects the fund's net asset value and accrues yield over time. Holders benefit from that yield directly through the token rather than through a separate rewards program.

Tokenization gives the fund properties that a traditional money market fund lacks: rapid settlement, on-chain transparency, and composability with other blockchain applications, while maintaining controls on the regulatory and credit side. USYC is available on multiple networks, including Ethereum, Solana, and BNB Chain. Its main role in the ecosystem is as an institutional-grade collateral and cash-management asset — for example, as yield-bearing collateral in trading and DeFi contexts. It has no fixed maximum supply; tokens are issued and redeemed as money flows into and out of the underlying fund.