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Circle, the issuer of USDC, has acquired Hashnote and its tokenized money market fund (USYC).
What’s the Scoop?
- USYC's Backing: USYC is backed by U.S. Treasury debt and reverse repurchase agreements, with a total value of over $1.25B in assets.
- Integration with USDC:
Circle plans to link USYC with USDC for seamless conversion between stablecoins and tokenized collateral. - Heat for Tether: In 2024,
Tether launched Hardon, allowing users to tokenize a wide range of assets. Circle’s acquisition could be in response to Tether hopping into the RWA sector first.
Bankless Take:
Circle’s acquisition of USYC shows a shift toward integrating tokenized RWAs into DeFi. By connecting USDC with tokenized collateral, Circle is looking to enhance USDC's utility and appeal to institutions and people outside the crypto space. With Tether also stepping into the RWA space last year, the battle for dominance in the RWA sector is heating up.
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