Tokenised money market fund
Circle, fintech, on Ethereum since May 2023.
USYC was first issued by Hashnote; Circle acquired Hashnote in early 2025. Now the largest tokenised Treasury product by value, ahead of BUIDL. IMPORTANT: roughly 97% of USYC sits on BNB Chain, not Ethereum. This is a case where the headline product is large but its Ethereum footprint is small. CAVEAT: aggregator-sourced.
In the record
39
months from first observation to the record's assessment of August 2026
13
fintech rows in the record, this one included
45
rows filed to Ethereum by their sources
What it bears on
R1Can we hold and administer this the way we hold everything else?
available
Qualified custody, fund administration and in-kind creation are available from named providers under existing mandates.
R3Do we know what this instrument is, legally, in every venue we operate?
needs design
ETH is a digital commodity in the United States and stablecoin law is in force. Market-structure legislation stalled, and jurisdictions are diverging.