USYC

Overview

USYC does not trade at one dollar. The token price tracks the net asset value of a fund. It holds no fixed peg, unlike the dollar stablecoins alongside it on this map.

What it represents

USYC is the onchain representation of Hashnote International Short Duration Yield Fund Ltd. Circle's developer documentation says the fund's assets are primarily deployed in reverse repo. Circle acquired Hashnote and USYC on 21 January 2025, and said at the time it intended to integrate USYC with USDC so the token could work as yield-bearing collateral on crypto exchanges.

The structure

The token is administered by Circle International Bermuda Limited, a Bermuda Monetary Authority licensed digital asset business. The underlying vehicle is a Cayman Islands mutual fund. Circle lists BNB, Canton, Ethereum, NEAR and Solana as supported networks.

USYC is a fund interest, not a payment stablecoin. Circle's acquisition release directed information about Hashnote and USYC only to persons who are not US Persons as defined in Regulation S under the Securities Act of 1933.

Sources: Circle, USYC tokenized money market fund page, Circle Docs, USYC overview, Circle press release on the Hashnote and USYC acquisition

Backing and reserves

What the disclosure says

Circle's developer documentation says the fund's assets are primarily deployed in reverse repo. The Hashnote documentation says assets are held through segregated custodial accounts at the fund's prime broker, with direct access guaranteed for shareholders. Circle states that USYC token balance, yield and price are streamed to an oracle feed.

What it leaves out

No reserve attestation, holdings file or portfolio breakdown was published on the pages reviewed here. There is no maturity ladder and no counterparty list for the repo book.

The prime broker is not named. Neither Circle's USYC page nor the Hashnote documentation identifies the custodian.

No audit firm is named, and no signed attestation report was found. The Hashnote documentation's reference to an external audit is about the ERC-20 token contract, not the fund's assets. A verified contract on Etherscan says nothing about what the fund holds.

The fund is a Cayman Islands mutual fund, a structure whose audited annual accounts are filed with the regulator and not posted publicly. What a USYC holder can verify today is the oracle price and the onchain supply.

Sources: Circle, USYC tokenized money market fund page, Hashnote USYC documentation, introduction, Circle Docs, USYC overview

Regulation

USYC sits under two regulators and neither one supervises it as a stablecoin.

Circle International Bermuda Limited is licensed as a digital asset business by the Bermuda Monetary Authority, and issues the token. The interest the token represents is in a Cayman Islands mutual fund, overseen by the Cayman Islands Monetary Authority.

Distribution is restricted

Circle's acquisition release stated that information about Hashnote and USYC is directed only to individuals and entities who are not US Persons under Regulation S. Access control is enforced onchain: Circle's contract list includes dedicated Entitlements contracts on Ethereum and BSC, and a combined Teller and Permissions program on Solana.

No licence number for either registration was published on the pages reviewed here.

Sources: Hashnote USYC documentation, introduction, Circle press release on the Hashnote and USYC acquisition, Circle Docs, USYC contract addresses

Risks

USYC has no peg to break, so peg-deviation monitoring says little about it. The risks are elsewhere.

• Permissioned transfer. Entitlements contracts gate who can hold and move USYC. A holder whose entitlement is revoked cannot exit through the open market the way a USDC holder can.
• Unnamed repo counterparties. The fund's assets are primarily deployed in reverse repo, and neither the counterparties nor the prime broker holding the segregated accounts is disclosed. A holder cannot assess that exposure.
• Redemption capacity is tiered. Circle says redemptions below the instant-redemption capacity settle in one block time, and redemptions above it settle T+0 or T+1. The size of that capacity is not published, and requests for larger near-instant redemptions require contacting Circle. That is a discretionary step in the exit path.
• Oracle dependency for collateral use. Circle's stated plan is for USYC to be used as yield-bearing collateral. The token price comes from the fund's own oracle feed, so any protocol lending against USYC inherits the issuer's price publication.
• Multi-chain surface. Cross-chain tellers on Ethereum and BSC move supply between networks, which adds bridge and messaging risk on top of the fund itself.

Sources: Circle, USYC tokenized money market fund page, Circle Docs, USYC overview, Circle Docs, USYC contract addresses, Hashnote USYC documentation, smart contracts

What this map tracks

The Global Stablecoin Map tracks USYC as an RWA-backed token, quoted in USD.

The supply figure is read from token contracts on chain. On Ethereum the USYC token is 0x136471a34f6ef19fE571EFFC1CA711fdb8E49f2b, published by Circle alongside the Teller at 0xeE35F963BFC71b51eC95147f26c030D674ea30e6 and the Oracle at 0x74f2199AEb743f68f05943e5715A33EaF2b61f53. Canton is the second network tracked here.

What is not covered

Circle also lists BNB, NEAR and Solana as supported networks, so the circulating figure on this page is not the full multi-chain total. Nor is the fund's portfolio covered. Circle's developer documentation says the fund's assets are primarily deployed in reverse repo, and no holdings file was verified. No attestation is read, because none is published.

Sources: Circle Docs, USYC contract addresses, Circle Docs, USYC overview, Circle, USYC tokenized money market fund page

Common questions