Circle acquires Hashnote
22 January 2025 US
Image: Alvaro/stock.adobe.com
Circle, a financial technology and stablecoin company, has acquired Hashnote, a tokenised money market fund (TMMF).
Hashnote is the issuer of the US Yield Coin (USYC), which Circle intends to fully integrate with USDC. The company says this will allow the USYC to emerge as a preferred form of yield-bearing collateral on crypto exchanges, and also with custodians.
Circle further plans to deploy USDC on Canton, which is already used and supported by trading firms and traditional banks. By offering USDC integration on Canton, the firm hopes that 24/7 convertibility will be available between collateral and cash for use in TradFi markets.
Commenting on the acquisition, Jeremy Allaire, CEO and chairman of Circle, says: “The integration of USYC and Hashnote into Circle’s platform marks a major moment in the evolution of the stablecoin market, as cash and yield-bearing short-duration treasury bill assets become fungible at the speed of blockchains and crypto capital markets. Circle’s acquisition of Hashnote [is] crucial to driving these products at scale.”
Leo Mizuhara, CEO and founder of Hashnote, adds: “Joining Circle increases our ability to rapidly scale adoption by pairing USDC, a widely-used, liquid payment and trading stablecoin, with USYC, a safe, tokenised money market fund for yield-bearing collateral.”
Hashnote is the issuer of the US Yield Coin (USYC), which Circle intends to fully integrate with USDC. The company says this will allow the USYC to emerge as a preferred form of yield-bearing collateral on crypto exchanges, and also with custodians.
Circle further plans to deploy USDC on Canton, which is already used and supported by trading firms and traditional banks. By offering USDC integration on Canton, the firm hopes that 24/7 convertibility will be available between collateral and cash for use in TradFi markets.
Commenting on the acquisition, Jeremy Allaire, CEO and chairman of Circle, says: “The integration of USYC and Hashnote into Circle’s platform marks a major moment in the evolution of the stablecoin market, as cash and yield-bearing short-duration treasury bill assets become fungible at the speed of blockchains and crypto capital markets. Circle’s acquisition of Hashnote [is] crucial to driving these products at scale.”
Leo Mizuhara, CEO and founder of Hashnote, adds: “Joining Circle increases our ability to rapidly scale adoption by pairing USDC, a widely-used, liquid payment and trading stablecoin, with USYC, a safe, tokenised money market fund for yield-bearing collateral.”
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