Circle Acquires Hashnote to Enhance Cash and Yield Integration
Circle, the issuer of the USDC stablecoin, has acquired Hashnote, the creator of the largest tokenized money market fund. Key points include:
- Circle's market cap for USDC has reached $48 billion.
- There is increasing interest in tokenizing real-world assets, particularly Treasurys and money market funds.
- Hashnote's USYC (US Yield Coin) represents its Short Duration Yield Fund, which holds short-term T-bills, with approximately $1.5 billion in assets.
- Circle aims to provide a 24/7 model for utilizing yield-bearing collateral as cash.
- Circle is partnering with DRW to enhance liquidity and settlement for USDC and USYC.
- Plans are underway to deploy USDC on the public blockchain Canton.
The acquisition may accelerate institutional adoption of blockchain technology for asset management.