Circle Expands $635M Tokenized Treasury Fund to Solana Blockchain
Circle (CRCL) has launched its tokenized U.S. Treasury fund, USYC, on Solana, known for low-cost and fast transactions.
This expansion takes USYC beyond Ethereum, Near, Base, Canton, and soon BNB Chain.
USYC is a short-duration U.S. government money market fund token, redeemable into USDC, Circle’s stablecoin.
The fund is available only to non-U.S. institutional investors passing KYC checks, making it permissioned by design.
The tokenized treasury market has grown from $2.4 billion to nearly $8 billion in a year, driven by institutional demand for blockchain-based real-world assets.
USYC, with a market cap of $635 million, ranks as the fifth-largest tokenized treasury fund.
Solana’s integration may enable new use cases like using USYC as margin collateral or a yield-bearing asset in DeFi platforms.
USYC requires protocols to incorporate eligibility checks and wallet allow-listing, necessitating further application development.
