Finance, Tokenized Assets, Real World Assets, Circle, Hashnote The stablecoin issuer acquired Hashnote earlier this 12 months with plans to develop its USYC token as collateral choice for institutional buyers.
Circle Internet Group, Inc., the corporate behind the $58 billion USDC stablecoin, mentioned on Thursday it plans to carry its recently acquired Hashnote Tokenized Money Market Fund (TMMF) underneath Bermuda’s regulatory oversight. The fund, which manages almost $1 billion property, can be integrated into Circle’s current Digital Assets Business Act (DABA) license, the corporate mentioned in a press release.
Hashnote points USYC, the most important tokenized cash market fund, based on rwa.xyz knowledge. By integrating USYC with USDC, Circle goals to permit seamless motion between a yield-bearing asset and one of the crucial broadly used stablecoins and enhance USYC as a collateral choice on exchanges, custodians and prime brokers.
Circle CEO Jeremy Allaire emphasised Bermuda’s position in digital asset regulation, calling it a “natural choice” for USYC operations. The Bermuda Monetary Authority (BMA) first granted Circle a complete license in 2021, and the agency has since maintained a presence within 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 mentioned in an announcement.
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