Circle Internet Financial has acquired Hashnote, a prominent tokenized treasury platform, in order to incorporate USDC with USYC.
In the midst of his second tenure as President of the United States, Donald Trump made the announcement on Tuesday.
The US Yield Coin (USYC), Hashnote’s primary product, is the largest issuer of tokenized Treasuries, with $1.3 billion in tokens issued to date. This volume surpasses that of competitors like BlackRock’s BUIDL.
Circle is currently integrating USYC with its stablecoin USDC to facilitate seamless trading between the two. This will bolster USDC’s position in the stablecoin market, where it currently trails Tether’s (USDT) market share.
In a distinct announcement, Circle Internet Financial revealed that it had entered into a collaboration with Cumberland, the crypto division of DRW Holdings LLC, which was one of Hashnote’s first investors. This partnership enhances Circle’s tokenized finance ecosystem.
Circle also disclosed the native USDC issuance on the Canton blockchain, a layer-1 blockchain network that has facilitated the tokenization of over $3.6 trillion in real-world assets. The company identified the existing support of prominent banks, trading firms, asset managers, and exchanges.
The acquisition and blockchain developments are part of Circle’s ongoing endeavors to increase USDC’s market share and contend with Tether. The company collaborated with Binance last year to prioritize USDC in the exchange’s corporate treasury strategy. Many in the crypto industry have anticipated that Circle will go public within the year. Additionally, Circle’s ambitions include this.
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