Circle Buys Hashnote with Big Plans for USDC and USYC

Circle, the company behind the USDC stablecoin, has bought Hashnote, a firm that issues real-world tokenized assets (RWAs). The deal was finalized this morning and announced at the World Economic Forum in Davos, Switzerland.

Hashnote has over $1.3 billion USYC tokens, which have grown into the biggest tokenized U.S. Treasury product, based on data from rwa.xyz . Details about the purchase price were not shared.

According to the press release , Circle intends to establish a connection between USYC and USDC, to facilitate the exchange of cash for yield-generating assets on blockchain platforms.

“This is a huge unlock for a market that is increasingly being driven by institutional adoption,” said Circle CEO Jeremy Allaire.

Source: X

Meanwhile, Circle is also working with another company called Cumberland to help people buy and sell these digital assets more easily. The partnership promises to make USYC a common kind of collateral on exchanges and custodial platforms. 

Circle also will bring USDC to the Canton Network, a blockchain on which banks and financial firms trade real-world assets. This will allow smoother transactions between decentralized and traditional markets.