Hashnote’s USYC Fund to Operate Under Circle’s Bermuda Regulatory Framework

Circle Internet Group, Inc. intends to bring Hashnote’s Tokenized Money Market Fund (TMMF) under its existing Digital Assets Business Act (DABA) license issued by the Bermuda Monetary Authority (BMA), according to a March 13 announcement. The move would position USYC, Hashnote’s $1 billion tokenized treasury fund, under Circle’s regulatory framework in Bermuda.

Circle, which secured a comprehensive BMA license in 2021 through its Bermuda subsidiary, said it aims to integrate USYC with its USDC stablecoin. The integration would enable direct access between USYC’s yield-bearing collateral and USDC, potentially broadening the fund’s use in crypto trading and institutional finance. USYC held nearly $1 billion in assets as of March 13, 2025, making it the largest tokenized treasury product globally.

The Bermuda Premier, David Burt, cited the partnership as evidence of the jurisdiction’s appeal to fintech firms. Bermuda’s regulatory clarity has attracted companies seeking compliant pathways for digital asset services, he noted. Circle CEO Jeremy Allaire called Bermuda a “natural choice” for overseeing USYC, citing the BMA’s focus on transparency in crypto markets.

Hashnote’s USYC is currently unavailable to U.S. persons under Regulation S of the Securities Act of 1933. Circle did not specify a timeline for the licensing transition but emphasized collaboration with the BMA to finalize operational details. The announcement coincides with Circle’s scheduled participation in Bermuda’s inaugural Digital Finance Forum this spring, where it will discuss blockchain-based financial infrastructure.

Dante Disparte, Circle’s Chief Strategy Officer, stated the company would leverage Bermuda’s reputation as a hub for “underwritten financial innovations” to scale USYC’s adoption. Circle, the second-largest stablecoin issuer globally behind Tether, has increasingly focused on regulated crypto products. It’s USDC stablecoin, pegged 1:1 to the U.S. dollar, circulates over $58 billion as of March 2025.

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