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Record sog_st_usyc
USYC/Hashnote US Yield Coin
Also recorded as USYC, Hashnote USYC, US Yield Coin
- Lifecycle
- Active
- Issuance
- Restricted
- Reference target
- US dollar
- Primary organization
- Circle International Bermuda Limited1 additional relationship
- Launch
- Not yet recorded
- Redemption
- Institutional Only
- Backing
- Tokenized asset-backed
- Stabilization
- Fund-share valuation
- Last review
- 2026-06-15
- Evidence
- 3 source records
Reviewed assessment
Identity and current state
This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.Tokenized representation of a Cayman Islands short-duration money market fund, issued and administered by Circle International Bermuda for eligible non-US institutions.
| Name | Hashnote US Yield Coin |
|---|---|
| Symbol | USYC |
| Aliases | USYC, Hashnote USYC, US Yield Coin |
| Asset class | Stable Value Asset |
| Lifecycle status | Active |
| Issuance status | Restricted |
| Canonical record ID | sog_st_usyc |
| Route slug | usyc |
| Record confidence | High |
| Last reviewed | 2026-06-15 |
- Name
- Hashnote US Yield Coin
- Symbol
- USYC
- Aliases
- USYC, Hashnote USYC, US Yield Coin
- Asset class
- Stable Value Asset
- Lifecycle status
- Active
- Issuance status
- Restricted
- Canonical record ID
sog_st_usyc- Route slug
usyc- Record confidence
- High
- Last reviewed
- 2026-06-15
Record coverage
| Section | Entries |
|---|---|
| Organizations | 2 |
| Sources | 3 |
| Reserve reports | 1 |
| Reserve components | 2 |
| Model-history events | 0 |
| Regulatory notes | 0 |
| Deployments | 1 |
| Issuer-control actions | 0 |
| Open questions | 2 |
| Events | 1 |
Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.
- Governance
- Centralized
- Primary display organization
- Circle International Bermuda Limited
- Primary display role
- Legal issuer
- Display selection mode
- Deterministic Policy
- Current relationships
- 2
- Ended relationships
- 0
- Unknown relationship state
- 0
- Freeze capability
- 0 recorded yes · 0 recorded no · 1 not recorded
- Blacklist capability
- 0 recorded yes · 0 recorded no · 1 not recorded
- Deployment control-event references
- 0
- Observed issuer-control events
- 0
- Relationship coverage
- 2 recorded relationships
| Organization | Organization category | Regulatory character | Jurisdiction | Role | Display priority | From | Until | Relationship status |
|---|---|---|---|---|---|---|---|---|
| Circle International Bermuda Limited | Digital-asset service or infrastructure provider | Regulated digital-asset service provider | Bermuda | Legal issuer | Primary display | Not yet recorded | Not yet recorded | Active relationship |
| Hashnote International Short Duration Yield Fund Ltd. | Fund or investment vehicle | Regulated fund or investment vehicle | Cayman Islands | Reserve manager | Additional relationship | Not yet recorded | Not yet recorded | Active relationship |
Digital-asset service or infrastructure provider
Primary displayCircle International Bermuda Limited
- Functional role
- Legal issuer
- Relationship status
- Active relationship
- Regulatory character
- Regulated digital-asset service provider
- Jurisdiction
- Bermuda
- From
- Not recorded
- Until
- Not recorded
Fund or investment vehicle
Additional relationshipHashnote International Short Duration Yield Fund Ltd.
- Functional role
- Reserve manager
- Relationship status
- Active relationship
- Regulatory character
- Regulated fund or investment vehicle
- Jurisdiction
- Cayman Islands
- From
- Not recorded
- Until
- Not recorded
Mechanism
How the asset works
Reference, backing, stabilization, exit, valuation, and yield remain separate facts.- Reference target
- US dollar
- Reference kind
- Fiat
- Comparison category
- US dollar
- Target value
- Not yet recorded
- Reference methodology
- USYC represents an accruing fund share whose dollar-denominated token price changes with fund NAV.
- Public backing model
- Tokenized asset-backed
- Canonical backing types
- Tokenized Fund, Government Securities
- Reserve component categories
- Fund Share, Government Securities
- Primary stabilization mechanism
- Fund-share valuation
- Recorded model description
- Tokenized Money Market Fund Share
- Redemption / exit model
- Institutional Only
- Valuation source
- Public information is incomplete
- Yield / rebase profile
- None recorded
- Classification notes
- Permissioned tokenized mutual-fund share for eligible non-US institutions, not a traditional stablecoin.
Reserve and redemption
Reserve and redemption
Recorded components, disclosures, reports, and redemption conditions remain explicit.Reserve components
- Hashnote International Short Duration Yield Fund shareFund Share · USYC itself is the onchain representation of the fund share.
- Short-term U.S. Treasury bills and reverse-repo exposure backed by U.S. government securitiesGovernment Securities · Underlying fund portfolio exposure; exact live weights are not fixed in the entity record.
| Disclosure status | Fund Disclosures and Onchain Oracle |
|---|---|
| Backing types | Tokenized Fund, Government Securities |
| Summary | Each USYC token represents a share of the Hashnote International Short Duration Yield Fund, whose portfolio primarily uses short-term U.S. Treasury and reverse-repo exposures. |
| As of | 2026-06-15 |
| Profile confidence | High |
- Disclosure status
- Fund Disclosures and Onchain Oracle
- Backing types
- Tokenized Fund, Government Securities
- Summary
- Each USYC token represents a share of the Hashnote International Short Duration Yield Fund, whose portfolio primarily uses short-term U.S. Treasury and reverse-repo exposures.
- As of
- 2026-06-15
- Profile confidence
- High
| Current status | Institutional Only |
|---|---|
| Settlement asset | USDC |
| Eligible parties | Onboarded, KYC/AML-approved, allowlisted non-US institutional investors. |
| Retail access | Not Available |
| Institutional access | Eligible Non Us Institutions Only |
| Minimum amount | Typically US$100,000, subject to current fund and Circle terms. |
| Fee | Subscription and redemption fee waivers or charges depend on daily volume, route, and liquidity terms. |
| Settlement time | T+0 or near-real-time under ordinary conditions; larger redemptions may settle T+0 or T+1. |
| Regional limits | Available only to non-US persons under Regulation S., Institutional onboarding, KYC/AML, and wallet allowlisting are required. |
- Current status
- Institutional Only
- Settlement asset
- USDC
- Eligible parties
- Onboarded, KYC/AML-approved, allowlisted non-US institutional investors.
- Retail access
- Not Available
- Institutional access
- Eligible Non Us Institutions Only
- Minimum amount
- Typically US$100,000, subject to current fund and Circle terms.
- Fee
- Subscription and redemption fee waivers or charges depend on daily volume, route, and liquidity terms.
- Settlement time
- T+0 or near-real-time under ordinary conditions; larger redemptions may settle T+0 or T+1.
- Regional limits
- Available only to non-US persons under Regulation S., Institutional onboarding, KYC/AML, and wallet allowlisting are required.
| Date | Publisher | Type | Assets covered | Record confidence |
|---|---|---|---|---|
| Not yet recorded | Circle | Tokenized Fund Disclosures | Fund Share, Government Securities | High |
Circle
Not yet recorded- Type
- Tokenized Fund Disclosures
- Assets covered
- Fund Share, Government Securities
- Record confidence
- High
Deployments and legal context
Deployments and legal context
Network state, contract identity, legal notices, and value states remain separate.| Network | Network record state | Standard | Public deployment category | Canonical deployment type | Operational state | Recorded status | Change or proposal state | Canonicality | Canonicality record state | Verification state | Contract identity state | Contract or identifier | Freeze | Blacklist | Control events | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | Specific network recorded | permissioned ERC-20 | Issuer- or institution-supported deployment | Issuer Native Tokenized Fund Share | Active | Active | No separate change state recorded | Issuer-native deployment | Canonicality recorded | Source-linked record; identifier not recorded | Identifier not recorded | Identifier not recorded | Not yet recorded | Not yet recorded | 0 | Initial primary USYC deployment coverage; additional network and teller deployments remain a open question. |
| Date | Title | Authority / publisher | Type | Summary |
|---|---|---|---|---|
| No regulatory notes have been added yet. | ||||
No regulatory notes have been added yet.
Evidence
Evidence
Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.| Source | Publisher | Source category | Provenance | Primary or secondary | Supported claims | Archive | Reliability |
|---|---|---|---|---|---|---|---|
| USYC overview Published Not yet recorded | Circle | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Fund Share, Circle Bermuda Issuer, Cayman Fund, Usdc Subscription Redemption, Entity Issuer Fund and Redemption | Archive index or wildcard | High |
| USYC tokenized money market fund Published Not yet recorded | Circle | Official documentation or product page Canonical: Official Website | Subject-controlled source | Primary source | Active Product, Institutional Access, Minimum Investment, Fund Portfolio, Current Product and Eligibility | Archive index or wildcard | High |
| Circle announces acquisition of Hashnote and USYC Published 2025-01-21 | Circle | Official statement or announcement Canonical: Official Statement | Subject-controlled source | Primary source | Acquisition, Hashnote, Usyc Transition, Ownership and Operator Transition | Archive index or wildcard | High |
Known unknowns
Known unknowns and coverage
Missing or disputed facts remain visible instead of being converted into certainty.| Topic | What remains unclear | Value state | Priority | Last checked |
|---|---|---|---|---|
| Current Redemption Liquidity and Fees | Instant liquidity thresholds, fee waivers, private liquidity terms, and larger-redemption timing can change and are not fixed as permanent values. | Unknown after review | Medium | 2026-06-15 |
| Complete Network and Contract Map | USYC supports multiple networks and teller routes; the complete current deployment graph is not normalized in this batch. | Unknown after review | Medium | 2026-06-15 |
Current Redemption Liquidity and Fees
Instant liquidity thresholds, fee waivers, private liquidity terms, and larger-redemption timing can change and are not fixed as permanent values.
- Value state
- Unknown after review
- Priority
- Medium
- Last checked
- 2026-06-15
Complete Network and Contract Map
USYC supports multiple networks and teller routes; the complete current deployment graph is not normalized in this batch.
- Value state
- Unknown after review
- Priority
- Medium
- Last checked
- 2026-06-15
Lifecycle
History
Current classification remains separate from dated changes and incidents.Model and lifecycle changes
No separate model-change event is currently recorded.
| Date | Event | Category | Subtype | Status effect | Recovery |
|---|---|---|---|---|---|
| 2025-01-21 | Circle acquires Hashnote and the USYC tokenized fund business | Ownership change | Acquired | Remained active | Not applicable |
Related records and corrections
Corrections and further reading
Open connected records, methodology, machine-readable data, or report a correction.- All stablecoinsCompare this record with the rest of the archive.
- Circle International Bermuda LimitedBermuda
- Event registry1 connected event recorded.
- MethodologyRead classification, evidence, and value-state rules.
- CorrectionsReport a source, relationship, or record problem.
- Data manifestInspect the machine-readable public layer.