A global financial technology firm and a stablecoin market leader will bring its newly acquired Hashnote Tokenised Money Market Fund

A global financial technology firm and a stablecoin market leader will bring its newly acquired Hashnote Tokenised Money Market Fund, under its existing Digital Assets Business Act licence in Bermuda.

Global financial technology firm Circle Internet Group is bringing its newly acquired Hashnote Tokenised Money Market Fund to Bermuda, it announced on Monday.

The firm, which already operates under an existing Digital Assets Business Act licence in Bermuda through its regulated subsidiary, Circle International Bermuda Ltd, is the first firm in the crypto market to receive comprehensive licensing from the Bermuda Monetary Authority, having been granted the licence in September 2021.

Hashnote is the issuer of USYC, the largest tokenised treasury and money market fund in the world, with almost $1 billion being deployed into USYC as of March 6.

Circle intends to fully integrate USYC with USDC [United States Dollar Coin] offering seamless access between TMMF collateral and USDC, one of the world’s most popular stablecoins issued through the regulated entities of Circle.

This integration will enable USYC to emerge as a preferred form of yield-bearing collateral on crypto exchanges, and also with custodians and prime brokers.

“Bermuda is the natural choice as regulator and home for USYC and our tokenised money market operations,” said Jeremy Allaire, cofounder and CEO of Circle.

“The Bermuda Monetary Authority offers a forward-thinking regulatory environment that fosters trust, compliance and transparency in the digital asset space.”

David Burt, the Premier, added: “Circle’s continued commitment to Bermuda demonstrates our successful approach to providing regulatory clarity for innovative financial services.

“Digital financial products like USYC and USDC are strengthening Bermuda’s digital connectivity and our leadership in international business markets. Following this news, the Government of Bermuda looks forward to seeing more innovative opportunities arise through Circle’s initiatives in Bermuda, highlighted by their upcoming participation in the inaugural Bermuda Digital Finance Forum this spring.”

Dante Disparte, chief strategy officer and head of global policy and international operations at Circle, said: “As one of the world's leading jurisdictions for underwritten financial innovations, from insurance to capital markets and digital assets, Bermuda is the perfect jurisdiction from which to build our latest product offering. Working in close collaboration with the Bermuda Monetary Authority, we look forward to growing our longstanding platform in Bermuda.”

Circle is a global financial technology firm that enables businesses and developers to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide.