Circle to Integrate Hashnote Tokenized Money Market Fund with USDC
Circle Internet Group, Inc. plans to bring its recently acquired Hashnote Tokenized Money Market Fund (TMMF) under the regulatory oversight of Bermuda. Key points include:
- The TMMF manages nearly $1 billion in assets.
- Hashnote issues USYC, the largest tokenized money market fund.
- Integration of USYC with USDC aims to facilitate movement between a yield-bearing asset and a widely used stablecoin.
- This move is intended to enhance USYC's status as collateral on exchanges and brokers.
- Bermuda was chosen for its regulatory framework; Circle has held a license there since 2021.
Circle CEO Jeremy Allaire highlighted Bermuda’s importance in digital asset regulation. Bermuda Premier David Burt noted that products like USYC and USDC are enhancing Bermuda’s global business connectivity.