Stablecoin record
Hashnote US Yield Coin
Tokenized representation of a Cayman Islands short-duration money market fund, issued and administered by Circle International Bermuda for eligible non-US institutions.
LifecycleActive
Events1
Sources3
| Symbol | USYC |
|---|---|
| Asset class | Stable Value Asset |
| Reference target | Fiat |
| Redemption / exit model | Institutional Only |
| Valuation source | Public information is incomplete |
| Yield / rebase profile | None recorded |
| Classification notes | Permissioned tokenized mutual-fund share for eligible non-US institutions, not a traditional stablecoin. |
| Lifecycle status | Active |
| Issuance status | Restricted |
| Peg reference | Fiat · USD |
| Backing types | Tokenized Fund, Government Securities |
| Stabilization | Fund Share Valuation |
| Governance | Centralized |
| Primary organization | Circle International Bermuda Limited |
| Primary role | Legal Issuer |
| Last reviewed | 2026-06-15 |
| Organization | Role | From | Until | Relationship status |
|---|---|---|---|---|
| Circle International Bermuda Limited | Legal Issuer | — | — | Active |
| Hashnote International Short Duration Yield Fund Ltd. | Reserve Manager | — | — | Active |
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Circle International Bermuda Limited
Regulated Digital Asset Business · Bermuda
Event history
1 event connected to this stablecoin.
| Disclosure status | Fund Disclosures and Onchain Oracle |
|---|---|
| Backing types | Tokenized Fund, Government Securities |
| Summary | Each USYC token represents a share of the Hashnote International Short Duration Yield Fund, whose portfolio primarily uses short-term U.S. Treasury and reverse-repo exposures. |
| As of | 2026-06-15 |
| Profile confidence | High |
| Current status | Institutional Only |
|---|---|
| Settlement asset | USDC |
| Eligible parties | Onboarded, KYC/AML-approved, allowlisted non-US institutional investors. |
| Retail access | Not Available |
| Institutional access | Eligible Non Us Institutions Only |
| Minimum amount | Typically US$100,000, subject to current fund and Circle terms. |
| Fee | Subscription and redemption fee waivers or charges depend on daily volume, route, and liquidity terms. |
| Settlement time | T+0 or near-real-time under ordinary conditions; larger redemptions may settle T+0 or T+1. |
| Regional limits | Available only to non-US persons under Regulation S., Institutional onboarding, KYC/AML, and wallet allowlisting are required. |
| Section | Entries |
|---|---|
| Organizations | 2 |
| Sources | 3 |
| Reserve reports | 1 |
| Regulatory notes | 0 |
| Deployments | 1 |
| Issuer-control actions | 0 |
| Open questions | 2 |
| Events | 1 |
| Date | Event | Type | Detail kind | Recovered |
|---|---|---|---|---|
| 2025-01-21 | Circle acquires Hashnote and the USYC tokenized fund business | Acquired | Governance Change | — |
| Date | Publisher | Type | Assets covered | Record confidence |
|---|---|---|---|---|
| — | Circle | Tokenized Fund Disclosures | Fund Share, Government Securities | High |
| Date | Title | Authority / publisher | Type | Summary |
|---|---|---|---|---|
| No regulatory notes have been added yet. | ||||
| Chain | Standard | Deployment | Status | Freeze | Blacklist | Control events | Contract | Notes |
|---|---|---|---|---|---|---|---|---|
| Ethereum | permissioned ERC-20 | Issuer Native Tokenized Fund Share | Active | Unknown | Unknown | 0 | Not yet verified | Initial primary USYC deployment coverage; additional network and teller deployments remain a open question. |
| Source | Publisher | Type | Evidence scope | Reliability |
|---|---|---|---|---|
| USYC overview | Circle | Official Documentation | Fund Share, Circle Bermuda Issuer, Cayman Fund, Usdc Subscription Redemption, Entity Issuer Fund and Redemption | High |
| USYC tokenized money market fund | Circle | Official Website | Active Product, Institutional Access, Minimum Investment, Fund Portfolio, Current Product and Eligibility | High |
| Circle announces acquisition of Hashnote and USYC | Circle | Official Statement | Acquisition, Hashnote, Usyc Transition, Ownership and Operator Transition | High |
| Topic | What remains unclear | Priority | Last checked |
|---|---|---|---|
| Current Redemption Liquidity and Fees | Instant liquidity thresholds, fee waivers, private liquidity terms, and larger-redemption timing can change and are not fixed as permanent values. | Medium | 2026-06-15 |
| Complete Network and Contract Map | USYC supports multiple networks and teller routes; the complete current deployment graph is not normalized in this batch. | Medium | 2026-06-15 |