Circle Acquires Hashnote, a Regulated Asset Manager That Offers Investors Structured Crypto Products

Stablecoin issuer, Circle, announced the acquisition of Hashnote, a regulated asset manager that offers investors structured crypto products. Hashnote is popular for USYC, its Hashnote US Yield coin.

Stablecoin issuer Circle announced Friday the acquisition of Hashnote, a Cayman Islands-based regulated asset manager that offers investors structured crypto products. Hashnote is best known for creating USDCܞ, the Hashnote US Yield Coin.

Circle announced the acquisition of Hashnote and the USDC Tokenized Money Market Fund Friday.

“This strategic move, alongside a partnership with global trading firm DRW via @CumberlandSays and news that we’re bringing native USDC to the @CantonNetwork, is set to redefine the landscape…”

According to a public statement on Circle’s website, the stablecoin giant acquired Hashnote together with a strategic partnership with DRW, a global trading firm.

“Circle intends to fully integrate USYC with USDC, offering seamless access between TMMF collateral and USDC, one of the world’s most popular stablecoins. This will enable USYC to emerge as a preferred form of yield-bearing collateral on crypto exchanges, and also with custodians and prime brokers.”

About USDCܞ

US Yield Coin is a tokenized representation of the Hashnote International Short Duration Yield Fund Ltd. (SDYF), which invests in reverse repurchase agreements on US government securities.

It is the largest fund of its kind, with an AUM of $1.24 billion. USDCܞ represents shares in the fund, which had an annual yield of 3.39% as of publication.

USDC and USDCܞ integration

Circle plans to integrate USDC and USDCܞ to enable interconvertibility between both assets, allowing USDCܞ to be used as preferred collateral on exchanges and brokers.

According to Circle CEO Jeremy Allaire, “We helped invent tokenized cash, and are now leading the way in tokenized money markets, both of which we believe will become essential to the future of the global financial system. Circle’s acquisition of Hashnote and our strategic partnership with DRW-affiliate Cumberland are crucial to driving and delivering these products at scale.”

Meanwhile, DRW, a liquidity provider and trading firm, will provide liquidity and settlement to USDC and USDCܞ where needed.

Stablecoin, Hashnote, Circle