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Circle Plans to Bring $1B Tokenized Treasury Issuer Hashnote Under Bermuda License
The stablecoin issuer acquired Hashnote earlier this year with plans to expand its USYC token as collateral option for institutional investors.
Ce qu'il:
- USDC stablecoin issuer Circle plans to bring its recently acquired Hashnote Tokenized Money Market Fund under Bermuda’s regulatory oversight, incorporating it into its existing Digital Assets Business Act license.
- Hashnote issues USYC, the largest tokenized money market fund with nearly $1 billion in assets.
- Circle CEO Jeremy Allaire sees Bermuda as a "natural choice" for USYC operations, given its role in digital asset regulation.
Circle Internet Group, Inc., the company behind the $58 billion USDC stablecoin, said on Thursday it plans to bring its recently acquired Hashnote Tokenized Money Market Fund (TMMF) under Bermuda’s regulatory oversight. The fund, which manages nearly $1 billion assets, will be incorporated into Circle’s existing Digital Assets Business Act (DABA) license, the company said in a press release.
Hashnote issues USYC, the largest tokenized money market fund, according to rwa.xyz data. By integrating USYC with USDC, Circle aims to allow seamless movement between a yield-bearing asset and one of the most widely used stablecoins and boost USYC as a collateral option on exchanges, custodians and prime brokers.
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Circle CEO Jeremy Allaire emphasized Bermuda’s role in digital asset regulation, calling it a “natural choice” for USYC operations. The Bermuda Monetary Authority (BMA) first granted Circle a comprehensive license in 2021, and the firm has since maintained a presence in the jurisdiction.
"Digital financial products like USYC and USDC are strengthening Bermuda’s digital connectivity and our leadership in international business markets,"
Premier of Bermuda David Burt said in a statement.
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
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