Circle Launches $USYC on Solana, Plans BNB Chain Integration Next
Circle Expands $USYC to Solana Blockchain
- Circle has extended its tokenized U.S. Treasury fund, $USYC, to the Solana blockchain.
- Solana's speed and low transaction costs are advantageous for $USYC's expansion.
- Previously available on Ethereum, Near, Base, and Canton, with BNB Chain integration planned next.
- $USYC represents a tokenized portion of a short-term US government money market fund, currently valued at over $635M, marking a 13% increase from last month.
- The Solana integration allows $USYC to be used as collateral for trading derivatives or in other yield-generating strategies.
- Access is restricted to non-US institutional investors who pass KYC checks.
The Growing World of Real-World Assets (RWAs)
- There's an increasing trend in tokenizing real-world assets, with growing demand from institutional investors for on-chain yield-bearing assets.
- Crypto platforms must update systems to support new eligibility checks for $USYC access.
