Circle USYC (USYC) - Complete Fundamental Analysis

What is Circle USYC (USYC) crypto?

Circle USYC (USYC) Cryptocurrency

Core Technology and Blockchain Architecture

Circle USYC is a digital asset token that serves as a digital representation of a share of the Hashnote International Short Duration Fund Ltd., a Cayman Islands registered mutual fund. The Fund has appointed Circle International Bermuda Limited, a Bermuda Monetary Authority licensed digital asset business, as its token administrator, responsible for the management of USYC on behalf of the Fund.

USYC is the onchain representation of Hashnote International Short Duration Yield Fund Ltd., which invests in short-term US Treasury Bills and performs repo/reverse-repo activity as the underlying asset of the USYC token. Tokenization enables the fund to deliver rapid transactions, onchain transparency, and seamless composability—while maintaining strong controls across regulatory and credit dimensions.

Interacting with USYC onchain is seamless through an audited smart contract, with subscriptions and redemptions available 24/7/365 that settle atomically in real time (T+0). USYC integrates with the existing DeFi ecosystem as a standard ERC-20 token.

Primary Use Cases and Real-World Applications

USYC is a yield-bearing, institutional-grade tokenized money market fund with near-instant redeemability to USDC. USYC is one of the top tokenized money market funds, which institutional clients can hold and use as collateral for derivatives trading.

Deribit, a leading crypto derivatives exchange, now accepts USYC as cross-margin collateral for trading futures and options. Binance institutional customers can now hold Circle's USYC and use it as off-exchange collateral for derivatives trades, unlocking more opportunities for yield in a way that is modeled after practices in traditional financial markets.

Developers can use USYC as programmable, yield-bearing collateral in DeFi venues with near-instant settlement in USDC. USYC can be used in a myriad of ways, including as collateral in DeFi, a trading pair, a savings vehicle, in loans and more.

Founding Team, Key Developers, and Project History

In January 2025, Circle acquired Hashnote, which operates a tokenized money market fund with $1.5 billion in assets under management, including Hashnote's USYC digital token. Hashnote's USYC product launched in May 2023.

Hashnote's principals are professionals with a combined 50+ years in traditional finance/banking, options trading, software engineering, and blockchain technology at global trading and investment companies, and the team has been an active participant and pioneer in the institutional digital asset markets.

Circle was founded by Jeremy Allaire and Sean Neville in October 2013 in Boston, Massachusetts, with Allaire and Neville as co-CEOs. Jeremy Allaire became sole CEO.

Tokenomics: Total Supply, Circulating Supply, Distribution, and Inflation/Deflation Mechanics

As of recent data, USYC has a token supply of approximately 1,315,299,736.70 with a circulating supply of 1,315,299,736.70 and a total value of approximately $1,464,619,139.

USYC yield accrues automatically through a rising token price, with no customer staking, claiming, or operational complexity required. Unlike dividend-paying assets, USYC uses an appreciation model – the token itself becomes more valuable over time rather than paying out separate yield tokens.

Assets earn the overnight federal funds rate through reverse repo agreements. Yield is settled daily, with the fund publishing a daily NAV report, and holders can choose to reinvest or redeem.

Consensus Mechanism and Network Security Model

USYC does not operate as a standalone blockchain network with its own consensus mechanism. Rather, the underlying Hashnote International Short Duration Yield Fund Ltd. invests primarily in reverse repurchase agreements backed by U.S. government securities.

USYC is managed by Circle under the regulation of the Bermuda Monetary Authority, with underlying assets held in a compliant trust account managed by SDYF's CIO, and a third-party auditor publishes daily reserve reports to ensure full alignment between circulating supply and fund holdings.

Key Partnerships and Ecosystem Integrations

According to 3rd-party analysts RWA.xyz, USYC is the largest tokenized treasury and money market fund in the world, with $1.52B deployed into USYC as of January 15, 2025.

DRW, one of the largest institutional crypto traders via its subsidiary Cumberland, will expand its institutional-grade liquidity and settlement capabilities in USDC and USYC, where permitted.

Hashnote's yield-bearing US Yield Coin is now available on the Canton Network, launched by Digital Asset in collaboration with more than 30 financial industry leaders. USYC will be natively issued on BNB Chain, enabling USYC users to more seamlessly explore the onchain world and potential of tokenized traditional assets.

Noble and Hashnote announced a partnership to bring Hashnote products to the Cosmos ecosystem, using Noble as an on-chain asset issuance platform.

Competitive Advantages and Unique Value Proposition

Hashnote's USYC is a yield-bearing ERC-20 token backed by short-term U.S. Treasury securities, offering stable returns without the volatility or counterparty risk of typical crypto yield products.

Unlike standard stablecoins, USYC generates yield automatically without requiring additional actions or risk-taking. Unlike most stablecoins, which maintain their value through U.S. Treasury backing but often provide no direct return to holders, USYC offers both stability and a consistent yield.

By bringing assets onchain, USYC delivers around-the-clock access — free from banking delays, cut-off times, and trading windows. USYC offers investors near-instant fungibility with USDC, Circle's popular stablecoin pegged to the U.S. dollar, meaning users can easily switch between USYC and USDC in real time, enhancing capital efficiency.

Current Development Activity and Roadmap Highlights

Circle announced plans to advance Arc, its institutional-focused layer-1 blockchain, from testnet to production throughout 2026.

Circle highlighted expanding commercial traction for its Circle Payments Network — now supporting flows in eight countries with 29 financial institutions enrolled and 500 more in the pipeline — and noted growth in USYC to roughly $1 billion AUM as of November 8.

USYC on Canton benefits from the network's unique privacy properties, enabling USYC holders to hold and deliver collateral across the Canton Network without anyone other than the issuer and the holder knowing.

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Is Circle USYC (USYC) a good investment?

Circle USYC (USYC) - Objective Investment Analysis

Product Overview

USYC is a digital representation of a share of the Hashnote International Short Duration Fund Ltd., a Cayman Islands registered mutual fund, with Circle International Bermuda Limited serving as its token administrator. USYC is the onchain representation of the Hashnote Short Duration Yield Fund, which invests in short-term US Treasury Bills and performs repo/reverse-repo activity, earning short-term Fed rate returns.

USYC stands out from most other stablecoins in that it is a tokenized version of a money-market fund and shares interest proceeds with those who hold it, distinguishing it from conventional stablecoins like USDC and Tether.

Fundamental Strengths

Treasury-Backed Asset Class

USYC represents shares in the Hashnote Short Duration Yield Fund, which primarily invests in US Treasury securities and repurchase agreements backed by them, providing exposure to one of the safest financial instruments in the world in tokenized form. The fund primarily focuses on reverse repo on US Treasuries and similar short-duration instruments.

Yield Distribution Model

Unlike dividend-paying assets, USYC uses an appreciation model where the token itself becomes more valuable over time rather than paying out separate yield tokens. Most stablecoins, despite being backed by U.S. Treasuries, do not return the interest earned on those Treasuries to holders, whereas USYC distributes the yield directly to its holders daily.

Institutional-Grade Liquidity

USYC is a tokenized money market fund offering 24/7, near-instant redemptions into USDC, with always-on availability and fungibility with tokenized cash offering enhanced utility compared to traditional money market funds bound by banking hours and trading windows. USYC brings short-term Treasury and repo yields on-chain, offering T+0 mint/redeem and daily yield settlement.

Regulatory Compliance

USYC benefits from a multi-jurisdictional regulatory strategy with Circle holding a BMA license, the SDYF fund authorized by Cayman Islands regulators, and token issuance and trading complying with local laws and international AML/KYC standards, offered only to non-U.S. persons.

Market Position and Adoption

Growth Trajectory

Circle's tokenized U.S. Treasury fund USYC reached $1 billion in circulation, unlocking real-time access to yield-bearing instruments onchain. USYC grew over 200% from June 30, 2025 to November 8, 2025, to approximately $1 billion.

Institutional Integration

Deribit, a leading crypto derivatives exchange, now supports USYC as collateral for trading futures and options. Binance announced that the world's biggest crypto exchange would begin accepting USYC as collateral from institutional clients. On leading DEXs, the USYC/USDC pair has seen over $10 million in average daily volume, reflecting strong investor demand for yield-bearing stablecoins.

Multi-Chain Deployment

Hashnote deployed USYC on BNB Chain, enabling eligible non-US institutional investors to subscribe to the fund or redeem shares for USDC in near real-time.

Revenue Model and Sustainability

Parent Company Performance

Circle reported third-quarter revenue and reserve income of $740 million, up 66% year-over-year, with net income of $214 million for the quarter, a 202% increase from the prior year. Reserve income generated from yields on cash and short-term U.S. Treasuries backing USDC totaled $711 million, up 60% from a year earlier, reflecting a 97% increase in average USDC circulation.

USYC-Specific Economics

Circle charges an annual management fee of 0.25% for RWA tokenization services through USYC, with the current management scale reaching $1.54 billion.

Team Credibility and Track Record

Parent Company Leadership

Circle was founded by Jeremy Allaire and Sean Neville in October 2013. Circle launched its IPO on the NYSE on May 27, 2025, seeking $624 million for a valuation of up to $6.7 billion, listing on June 4, 2025.

Acquisition and Integration

In January 2025, Circle acquired Hashnote, which operates a tokenized money market fund with $1.5 billion in assets under management, including Hashnote's USYC digital token.

Competitive Landscape

Market Position

Circle faces an increasingly competitive environment with yield-bearing digital assets, particularly tokenized money market funds, emerging as alternatives for treasurers seeking stability and income, with USYC's adoption depending on regulatory treatment and integration with existing treasury systems.

Differentiation

USYC is similar to BlackRock's BUIDL fund, a tokenized money market fund that generates returns while maintaining stability, with the key differentiator being USYC's "near-instant fungibility" with USDC, allowing institutional traders to switch between yield-bearing Treasury exposure and liquid stablecoin positions without settlement delays.

Risk Factors

Regulatory Uncertainty

Investors should be aware of redemption timing risk where T+1 redemptions may pose short-term liquidity stress during extreme market volatility, yield decline risk from fluctuations in repo and Treasury yields impacting annualized returns, and regulatory change risk as global regulatory frameworks for RWA tokens remain in flux.

Restricted Access

Access to USYC remains strictly gated, available only to non-US institutional investors who complete Know Your Customer verification, with the firm requiring eligible entities to allow-list their wallets before interacting with smart contracts.

Systemic Stablecoin Risks

Despite guarantees that stablecoins can be redeemed at a fixed dollar value, stablecoins can and do lose value, undermining their viability as a means of payment, with large depegging events already experienced. USDC traded below $1 around the default of Silicon Valley Bank in March 2023 because USDC kept 8% of its reserves deposited at SVB, with the run on USDC starting when investors doubted Circle's ability to access deposits amid the bank's imminent collapse.

Centralization and Censorship Risk

Most fiat-backed stablecoins are at risk of censorship, especially after the Tornado Cash debacle, with US dollar stablecoins remaining subject to US regulatory policies, and when the US Treasury imposes sanctions on a project, stablecoin projects might also be required to take corresponding measures.

Smart Contract Vulnerabilities

Stablecoins rely heavily on smart contracts to maintain their value and execute critical functions such as minting, burning, and transferring assets, and although smart contracts are usually reviewed before launch, they do not fully guarantee 100% security, with coding errors potentially exploitable by malicious attackers to manipulate stablecoin prices or steal assets.

Bull Case Arguments

Institutional Demand: The tokenized Treasury market has nearly doubled since early 2025, reflecting institutional demand for productive collateral that doesn't sacrifice liquidity or security, with recent stablecoin news showing increasing adoption of yield-bearing models as institutions seek efficiency in capital deployment.
Rapid Growth: USYC achieved $1 billion in AUM within months of Circle's acquisition, demonstrating strong market acceptance for yield-bearing tokenized assets.
Treasury Backing: The underlying fund's investment in US Treasury securities and reverse repos provides one of the lowest-risk asset bases available in digital finance.
Operational Integration: More than $8 billion of tokenized funds are now in circulation, including $1 billion in USYC, complementing stablecoins as safe, yield-bearing instruments that can be stored and moved on open, programmable infrastructure, expanding what is possible for treasurers, asset managers, and financial institutions seeking liquidity, returns, and capital efficiency.

Bear Case Arguments

Restricted Market Access: Limitation to non-US institutional investors significantly constrains the addressable market and growth potential compared to unrestricted stablecoins.
Regulatory Uncertainty: State and federal regulators have until July 2026 to finalize implementation rules for stablecoins, including tax characterization, standards for foreign stablecoins sold in the U.S., and policies regarding conflicts of interest, creating uncertainty around USYC's regulatory treatment as an RWA token.
Yield Dependency: Returns are directly tied to short-term Treasury and repo rates, which have declined from peak levels and could compress further, reducing the yield advantage over traditional stablecoins.
Liquidity Concentration Risk: When USYC was acquired, over 97% of the tokenized treasury fund was purchased and held by Usual Protocol as its USD0 stablecoin's reserve asset, indicating significant concentration risk in early adoption.
Emerging Category Risk: As a relatively new product category, USYC faces execution risk in achieving sustainable adoption and competing against established alternatives like BlackRock's BUIDL.

Historical Performance and Market Cycles

USYC is too recent to have meaningful historical performance data across market cycles. The product grew over 200% from June 30, 2025 to November 8, 2025, but this represents a nascent growth phase rather than proven resilience through market stress.

Risk/Reward Assessment

Reward Potential: Moderate to high for institutional investors seeking Treasury-backed yield with blockchain efficiency and 24/7 liquidity. The product addresses a genuine market gap between traditional money market funds and crypto-native yield solutions.

Risk Profile: Moderate to high due to regulatory uncertainty, restricted market access, smart contract vulnerabilities, and the product's early-stage maturity. The concentration of early holdings and dependence on Treasury yields present additional considerations.

Suitability: USYC appears best suited for institutional investors with regulatory compliance capabilities, long-term Treasury yield exposure objectives, and comfort with emerging RWA infrastructure. Retail investors face access restrictions and should evaluate whether the yield premium justifies the additional risks relative to traditional money market funds.

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Circle USYC (USYC) price prediction

Circle USYC (USYC) Price Prediction Analysis

Current Market Context

Circle USYC (USYC) is currently trading at $1.11 USD, with a market cap of approximately $1.65 billion. The circulating supply is 1.5 billion tokens. USYC is a tokenized money market fund backed by short-term U.S. Treasury bills, designed specifically for institutional investors, and accrues yield through token price appreciation rather than staking or manual claims.

Short-Term Predictions (2025-2026)

Source	2025 Forecast	2026 Forecast
Hexn (Technical Analysis)	$1.38–$1.43 (avg: $1.40)	$1.46–$3.00 (avg: $2.15)
Hexn (Near-term)	$1.12 by Nov 19, 2025	—

Based on technical analysis by cryptocurrency experts, in 2025, USYC is expected to have minimum and maximum prices of about $1.38 and $1.43, respectively. For 2026, technical analysis predicts a range of $1.46 to $3.00, with an average expected trading cost of $2.15.

A recent forecast predicts an upward movement of 0.47%, with the price expected to reach $1.12 by November 19, 2025.

Medium-Term Predictions (2027-2028)

Source	2027 Forecast	2028 Forecast
Hexn (Technical Analysis)	$3.06–$5.94 (avg: $4.35)	$6.03–$11.17 (avg: ~$8.60)

In 2027, USYC is expected to have minimum and maximum prices of about $3.06 and $5.94, respectively, with an average expected trading cost of $4.35. For 2028, the range is projected at $6.03 to $11.17.

Long-Term Predictions (2029-2030)

Source	2029 Forecast	2030 Forecast
Hexn (Technical Analysis)	$11.29–$20.09 (avg: $15.28)	$20.24–$34.78 (avg: $26.87)

In 2029, USYC is expected to have minimum and maximum prices of about $11.29 and $20.09, respectively, with an average expected trading cost of $15.28. For 2030, the range is projected at $20.24 to $34.78, with an average expected trading cost of $26.87.

Extended Long-Term Projections (2031-2034)

Year	Minimum	Maximum	Average
2031	$34.94	$58.23	$45.61
2032	$58.35	$94.63	—
2033	$94.62	$150.00	$120.00
2034	$149.00	$232.00	$187.00

In 2031, USYC is expected to range from $34.94 to $58.23, with an average of $45.61. For 2032, the range extends to $58.35 to $94.63.

Key Price Catalysts and Growth Drivers

Institutional Adoption & Market Expansion:
Binance announced that the world's biggest crypto exchange would begin accepting USYC as collateral from institutional clients. Deribit, a leading crypto derivatives exchange, now supports USYC as collateral for trading futures and options.

Tokenized Treasury Market Growth:
The tokenized Treasury market has experienced exponential growth, with a projected market cap of $8 billion by 2025, reflecting increasing institutional demand for real-world assets on blockchain.

Circle's Strategic Position:
Bernstein projects that USDC supply will nearly triple by the end of 2027 to about $220 billion, capturing roughly one-third of the global stablecoin market, with regulated stablecoins expected to dominate the next growth cycle.

Fund Management Scale:
USYC charges an annual management fee of 0.25%, with the current management scale reaching $1.54 billion.

Prediction Methodology Notes

Prediction models leverage technical indicators including Exponential Moving Averages (EMA), Bollinger Bands, Relative Strength Index (RSI), and Moving Average Convergence Divergence (MACD) combined with real-time market data.

Factors That Could Invalidate Predictions

Regulatory Risks:
Shares of the underlying fund and USYC are offered only to non-US Persons, as defined under the Securities Act of 1933, with additional restrictions. Changes to regulatory frameworks could impact adoption.

Interest Rate Environment:
Since USYC invests in short-term U.S. Treasury Bills and earns short-term Fed rate returns, declining interest rates would reduce yield accrual and price appreciation potential.

Market Volatility:
USYC has shown 0.00% price change in the last 7 days, underperforming the global cryptocurrency market which is up 4.70%, indicating potential liquidity and adoption constraints.

Competitive Pressure:
While USYC stands out for its unique features, it is part of a broader ecosystem of tokenized Treasury products, with competitors like BlackRock's BUIDL and Franklin Templeton's BENJI also offering tokenized money market funds.

Sources:

Hexn - USYC Price Prediction: https://hexn.io/price-prediction/hashnote-usyc
MEXC - Circle USYC Price Prediction: https://www.mexc.com/price-prediction/circle-usyc
Coinbase - Circle USYC Price: https://www.coinbase.com/price/hashnote-usyc
OKX - USYC Yield Opportunities: https://www.okx.com/en-us/learn/usyc-yield-opportunities-tokenized-markets
Fortune - Binance Adds USYC: https://fortune.com/crypto/2025/07/24/binance-circle-usyc/
ChainCatcher - Circle Stablecoin Analysis: https://www.chaincatcher.com/en/article/2240624
The Block - Circle Analyst Coverage: https://www.theblock.co/post/374647/blair-sees-circle-top-stablecoin-play-usdc-supplant-fiat-20-trillion-cross-border-payments-market
Circle Official - USYC Product Page: https://www.circle.com/usyc

How high can Circle USYC (USYC) go?

Maximum Price Potential Analysis: Circle USYC

Product Overview

USYC is the onchain representation of the Hashnote International Short Duration Yield Fund Ltd., which invests in Treasury bills and reverse repos backed by short-term US Government-backed securities. USYC yield accrues automatically through a rising token price. Unlike conventional stablecoins, USYC is a tokenized version of a money-market fund and, unlike conventional stablecoins like USDC and Tether, it shares interest proceeds with those who hold it.

Current Market Position

Current Metrics (February 2026):

Price: $1.11
Market Cap: $1.65 billion
Circulating Supply: 1.48 billion tokens
All-Time High: $1.11
7-Day APY: 3.20%

USYC operates in a highly concentrated market. The stablecoin market shows high concentration with the top 2 coins (USDT and USDC) controlling 94.0% of the total market. The Stablecoins market cap today is $314 Billion.

Market Dynamics and Constraints

Structural Limitations:

USYC's price mechanism differs fundamentally from traditional cryptocurrencies. As a tokenized money market fund, the token price reflects the Net Asset Value (NAV) of underlying Treasury holdings plus accumulated yield. This creates a natural ceiling: the token price cannot exceed the NAV of the fund's assets without arbitrage opportunities emerging.

The current NAV of $1.11 represents the fund's value after yield accumulation. Price appreciation occurs through yield accrual rather than speculative demand. Access to USYC remains strictly gated. The product is available only to non-US institutional investors who complete Know Your Customer (KYC) verification. This geographic and institutional restriction significantly limits the addressable market compared to unrestricted stablecoins.

Adoption Trajectory:

BNB Chain has emerged as a leader in the adoption of USYC, with over $900 million of the asset now onchain, positioning the network as a pivotal player in the realm of real-world assets (RWAs). USYC has been instrumental in this growth, recently surpassing $1 billion in total supply, with the majority hosted on BNB Chain.

The tokenized Treasury market has experienced exponential growth, with a projected market cap of $8 billion by 2025. This reflects the increasing institutional demand for RWAs on blockchain.

Scenario Analysis

Conservative Scenario: Modest Growth

Assumes USYC captures 5-8% of the tokenized Treasury market and maintains current yield rates. With the tokenized Treasury market projected at $8 billion, USYC could reach $400-640 million in AUM. At current supply levels, this translates to a market cap of $400-640 million, representing minimal price appreciation from current levels since yield accrual is already reflected in the NAV.

Base Scenario: Current Trajectory Continuation

Assumes USYC grows to capture 15-20% of the tokenized Treasury market as institutional adoption accelerates. With an $8 billion TAM, this implies $1.2-1.6 billion in AUM. The market cap would remain in the $1.2-1.6 billion range, with price appreciation driven primarily by yield accumulation at 3-4% annually. Over five years, this could result in a NAV of approximately $1.35-1.50 per token.

Optimistic Scenario: Maximum Realistic Potential

Assumes the tokenized Treasury market expands significantly beyond current projections to $20-30 billion as regulatory frameworks mature and institutional adoption accelerates. USYC captures 25-35% market share, reaching $5-10.5 billion in AUM. At these levels, the market cap would reach $5-10.5 billion. However, price per token remains constrained by NAV mechanics. With 1.48 billion tokens, a $10.5 billion market cap implies a NAV of approximately $7.10 per token—achievable only if the fund accumulates substantial yield over an extended period (10+ years at current rates) or if Treasury yields remain elevated.

Key Growth Catalysts

Intercontinental Exchange Inc. and Circle announced an agreement whereby ICE plans to explore using Circle's stablecoin USDC, as well as tokenized money market offering US Yield Coin (USYC), to develop new products and solutions for its customers. This partnership with a major financial infrastructure provider represents significant institutional validation.

Circle announced that the world's biggest crypto exchange would begin accepting USYC as collateral from institutional clients. Circle and Binance, as part of an ongoing tie-up, are collaborating on USYC as a means to make it easier for TradFi firms to post collateral.

Limiting Factors

NAV-Based Price Ceiling: Unlike speculative assets, USYC's price is fundamentally anchored to the NAV of Treasury holdings. Significant price appreciation requires either extended yield accumulation or expansion of the underlying fund's assets.

Regulatory Constraints: Access to USYC remains strictly gated. The product is available only to non-US institutional investors who complete Know Your Customer (KYC) verification. This excludes the US retail market and US institutions, substantially limiting addressable demand.

Yield Environment Dependency: Current 3.20% APY reflects prevailing Treasury rates. If rates decline, yield accumulation slows, reducing the primary mechanism for price appreciation.

Market Concentration: The broader stablecoin market remains highly concentrated, with USDT and USDC dominating. Displacing significant market share requires sustained institutional preference and regulatory advantages.

Realistic Price Ceiling Assessment

Given USYC's structural design as a yield-bearing fund rather than a speculative asset, realistic price appreciation scenarios are constrained. The token's value is fundamentally tied to:

Yield Accumulation: At 3% annual yield, reaching $2.00 per token would require approximately 25 years of uninterrupted yield accrual
Fund Growth: Expansion of AUM through institutional adoption increases total market cap but not necessarily per-token price
Yield Environment: Sustained elevated Treasury rates support higher NAV growth

A realistic maximum price scenario over 5-10 years, assuming sustained institutional adoption and elevated Treasury yields, would target $1.25-1.50 per token. Reaching $2.00+ would require either a significant expansion of the addressable market beyond current projections or a substantial increase in Treasury yields above current levels.

Sources:

How to buy Circle USYC (USYC)?

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Comprehensive Guide to Purchasing Circle USYC (USYC)

Overview of Circle USYC

Circle USYC is a digital asset token that serves as a digital representation of a share of the Hashnote International Short Duration Fund Ltd., a Cayman Islands registered mutual fund. Circle International Bermuda Limited (CIBL), a Bermuda Monetary Authority licensed digital asset business, serves as the token administrator. USYC is the onchain representation of the Hashnote International Short Duration Yield Fund Ltd., which invests in Treasury bills and reverse repos backed by short-term US Government-backed securities.

Important Regional Note: Shares of the Fund and USYC are only available to non-U.S. Persons, as defined under the Securities Act of 1933, as amended.

Quick Overview of Purchase Options

USYC can be acquired through three primary methods:

Centralized Exchanges (CEX) — Traditional crypto platforms offering fiat on-ramps and trading pairs
Decentralized Exchanges (DEX) — Permissionless trading through smart contracts
Direct Subscription — Through Circle's official channels using USDC

Exchange Availability and Trading Pairs

Exchange	Type	Primary Trading Pair	Notes
Deribit Spot	Centralized	USYC/USDC	Most active exchange with highest liquidity
Binance	Centralized	USYC/USDC	Institutional clients; off-exchange collateral support
Uniswap	Decentralized	USYC/USDC, USYC/ETH	Permissionless trading via smart contracts
MetaMask	Wallet-based	Multiple pairs	Direct swapping through integrated DEX
Coinbase Wallet	Wallet-based	Multiple pairs	Custodial support available

The most popular exchange to buy and trade Circle USYC is Deribit Spot, where the most active trading pair USYC/USDC has a trading volume of $1,334.85 in the last 24 hours.

Step-by-Step Purchase Guide: Centralized Exchange Method

This method is recommended for beginners due to straightforward account setup and fiat integration.

Step 1: Select a Trusted Exchange

Choose a reputable centralized exchange (CEX) that supports Circle USYC. Evaluate factors like user experience, fees, and available payment methods before making your choice.

Step 2: Register and Secure Your Account

Provide the required details to create an account and set a strong password. It's recommended to enable two-factor authentication for enhanced security.

Step 3: Complete KYC Verification

Most regulated exchanges require identity verification (KYC). The documents needed depend on your country and region. Completing KYC often unlocks higher limits and additional platform features.

Step 4: Link a Payment Method

Connect a credit/debit card, bank transfer, or other supported option. Required details may vary based on the policies of your exchange or bank.

Step 5: Purchase USYC

You can now purchase Circle USYC. Either purchase USYC directly using USD, EUR, or other fiat currencies if the fiat on-ramp is supported, or first purchase a stablecoin and swap in for USYC via spot trading.

Alternative Method: Decentralized Exchange (DEX) Purchase

For users who prefer non-custodial trading:

Step 1: Select a Compatible DEX

Choose a decentralized exchange that lists Circle USYC (USYC) trading pairs. Open the DEX platform and connect your Web3 wallet, making sure that it's compatible with the network.

Step 2: Acquire Base Currency

Since DEXs only support crypto-to-crypto transactions, to buy USYC you'll first need to acquire an appropriate base cryptocurrency like ETH or USDT from a trusted CEX.

Step 3: Transfer to Your Wallet

Send your purchased base cryptocurrency to your Web3 wallet address. Transfers might take some time depending on network confirmations.

Step 4: Swap for USYC

Once the transfer completes, use the DEX interface to exchange your base currency for Circle USYC (USYC) tokens.

Wallet Recommendations

Hot Wallets (Online Storage)

Adding Circle USYC (USYC) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you'll need to import USYC as a token. You can copy USYC's contract address (0x136471a34f6ef19fe571effc1ca711fdb8e49f2b) and import it manually, or if you've installed MetaMask's chrome extension, add USYC to MetaMask with one click on CoinGecko.

Circle USYC can be custodied on Coinbase Wallet.

Wallet Setup Best Practices

Select a trusted, reputable wallet that supports Circle USYC. Get the official wallet app from the App Store, Google Play, or as a browser extension. Avoid third-party downloads to prevent scams.

Create a new wallet or import an existing one. Back up your seed phrase securely, as losing it may mean a permanent loss of funds.

Trading Pairs and Subscription Currencies

Subscription Currency: USD (fiat), USDC, USDT, PYUSD. Subscription Fee: None for PYUSD and USDC, 0.10% for USDT. Redemption Fee: None for PYUSD, 0.10% for USDC.

All transactions are in USDC.

Fee Comparison

Method	Subscription Fee	Redemption Fee	Settlement Time
USDC Subscription	None	None	T+0 to T+1
USDT Subscription	0.10%	0.10%	T+0 to T+1
PYUSD Subscription	None	None	T+0 to T+1
DEX Swap	Variable (gas fees)	N/A	Instant

Security Best Practices

Account Security

Before proceeding with any transactions, be sure to evaluate the platform's security measures, market liquidity, and fee structure. Always verify platform legitimacy and watch out for potential scams.

Wallet Security

Consider buying and storing Circle USYC through a non-custodial wallet for enhanced asset control. Many leading Web3 wallets enable seamless purchasing and swapping of thousands of digital assets. Simply install a trusted wallet browser extension or mobile app, then generate or import a wallet address to securely manage your various tokens.

Compliance and Verification

The Entitlements contract performs OFAC sanctions checks by querying an onchain oracle for matches to sanctioned addresses. The oracle is maintained by Chainalysis.

KYC Requirements Overview

KYC (Know Your Customer) requirements vary by exchange and jurisdiction:

Basic Verification: Typically requires name, email, and phone number for limited trading
Intermediate Verification: Requires government-issued ID and proof of address
Advanced Verification: May require additional documentation for higher transaction limits

The amount of USYC you can buy depends on your account limit, with higher purchase amounts requiring different KYC levels.

Subscription and Redemption Details

Subscription Process

Investors can subscribe via USDC and redeem on the same day (T+0) into USDC. The subscription process is atomic and instant on the blockchain, and investors can redeem at any time 24/7/365.

Redemption Options

USYC can be redeemed in near real time up to the instant-redemption capacity. An optional fee removes the near-instant redemption cap.

Blockchain Networks

USYC is available on multiple blockchains:

Ethereum: Contract address 0x136471a34f6ef19fe571effc1ca711fdb8e49f2b (ERC-20)
BNB Chain: Contract address 0x8d0fa28f221eb5735bc71d3a0da67ee5bc821311 (BEP-20)
Solana: Contract address 7LWanZteUKtvFjv4MHYgKXXdAuCQYFPJysL9pxxdRQGn (SPL-22)

Official Resources

Circle USYC Official Site: https://www.circle.com/usyc
Hashnote Documentation: https://usyc.docs.hashnote.com/
Hashnote Platform: https://usyc.hashnote.com/

Important Considerations

Yield Generation

USYC yield accrues automatically through a rising token price. With USYC, there's no customer staking, claiming, or operational complexity required.

Regulatory Status

USYC token balance, yield, and price are streamed to a transparent oracle feed. ERC-20 contract details are verified on Etherscan. SPL-22 token details are found on Solscan.