Circle Internet Group, Inc., the company behind the $58 billion USDC stablecoin, said on Thursday it plans to bring its recently acquired Hashnote Tokenized Money Market Fund (TMMF) under Bermuda’s regulatory oversight. The fund, which manages nearly $1 billion assets, will be incorporated into Circle’s existing Digital Assets Business Act (DABA) license, the company said in a press release.
Hashnote issues USYC, the largest tokenized money market fund, according to rwa.xyz data. By integrating USYC with USDC, Circle aims to allow seamless movement between a yield-bearing asset and one of the most widely used stablecoins and boost USYC as a collateral option on exchanges, custodians and prime brokers.
Circle CEO Jeremy Allaire emphasized Bermuda’s role in digital asset regulation, calling it a “natural choice” for USYC operations. The Bermuda Monetary Authority (BMA) first granted Circle a comprehensive license in 2021, and the firm has since maintained a presence in the jurisdiction.
“Digital financial products like USYC and USDC are strengthening Bermuda’s digital connectivity and our leadership in international business markets,”
Premier of Bermuda David Burt said in a statement.