circle Announce On January 21, tokenization company Hashnote, the issuer of the USYC token, was acquired. Additionally, the company has partnered with market maker DRW Cumberland to push USYC and USD Coin (USDC) into the cryptocurrency and traditional markets.
According to rwa.xyz DataHashnote’s tokenized fund Hashnote Short Duration Yield Coin is the largest in the world, with over $1.2 billion worth of USYC tokens issued on multiple blockchain networks, including Ethereum.
Circle aims to fully integrate USYC with its USDC stablecoin to enhance accessibility between tokenized money market fund collateral and the stablecoin market. The goal is to make USYC the preferred yield-bearing security on exchanges, custodians and prime brokers.
Jeremy Allaire, CEO and Chairman of Circle, said:
“As short-term Treasury assets and high-yielding cash become fungible and transferable at blockchain speeds, this development opens up significant opportunities for institutional adoption and sets a new standard for financial market structures.”
Circle has also partnered with DRW, a leading cryptocurrency exchange, via its subsidiary Cumberland to enhance USDC and USYC liquidity.
USDC in Canton
In addition to the Hashnote announcement, Circle unveiled a native USDC issuance on the layer 1 Canton blockchain.
Circle reported that Canton has issued over $3.6 trillion in real-world token assets (RWA), with its infrastructure “already used and supported by major traditional banks, trading firms, asset managers and exchanges.”
Notably, Circle is trying to make USDC catch up with Tether USD (USDT), the largest stablecoin on the market. In December, USDC source a partner with Binance to make its stablecoin a core part of the company’s treasury assets on the exchange.
In addition, the department recently Published a report Revealing that USDC has surpassed $20 trillion in all-time transaction volume and a 78% year-on-year growth in trading supply.
However, the USDC still has a lot to cover. USDT dominates the stablecoin market with supplies of approximately $141 billion, equivalent to 69% of the market. It amounts to more than 3 times USDC’s current supply of $44.6 billion, based on Artemis. Data.
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