Circle Acquires Hashnote to Enhance Tokenized Real-World Assets Market
Circle, the issuer of USDC, has acquired Hashnote, known for its $1.3 billion US Yield Coin (USYC), the largest tokenized U.S. Treasury product. This acquisition aims to enhance blockchain-based collateral systems.
- Circle plans to integrate USYC with USDC, allowing convertibility between cash and yield-bearing assets.
- This move is part of Circle's strategy to strengthen its position in the $200 billion stablecoin market.
- Circle partners with Cumberland to improve liquidity and settlements for USDC and USYC.
- Tokenized real-world assets (RWAs) are becoming popular as secure trading collateral, potentially exceeding $600 billion in assets by 2030.
- Circle's market cap stands at $48.8 billion, growing 78% year-over-year, while Tether's market cap is $138 billion with a 46% increase.
Circle is also deploying USDC on the Canton Network to maintain liquidity between cash and collateral, facilitating transitions between decentralized and traditional finance.