Circle USYC

Circle USYC is a tokenized money market fund token that represents a share in the Hashnote International Short Duration Yield Fund Ltd., which invests in short-term U.S. Treasury Bills and conducts repo and reverse repo activities. It is designed for participants who want exposure to short-term government debt instruments through an on-chain token rather than through a traditional fund account. The product aims to combine the regulatory and credit controls of a conventional money market fund with the transaction speed and transparency that blockchain infrastructure can provide.

USYC tokens are issued against the underlying fund's holdings, so each token reflects a pro-rata claim on the fund's short-term U.S. Treasury and repo assets. The token exists across the Ethereum, Solana, and BNB Chain ecosystems, meaning it can move and settle on those networks rather than through traditional fund transfer infrastructure. Because the fund accrues returns from Treasury Bills and repo activity, the token's value is designed to rise over time relative to its starting price rather than distributing cash, which is why the current price of 1.14 USD sits above a nominal one-dollar baseline.

USYC does not have a protocol fee stream captured in the data held on this site, so there are no fee-based metrics to report here. The economic return embedded in the token comes from the underlying fund's yield on short-term U.S. Treasuries and repo transactions, which accrues into the token's net asset value rather than appearing as on-chain protocol revenue. The fully diluted valuation to market cap ratio stands at 1.0 on a point-in-time basis, meaning the entire issued supply is already in circulation, and the supply issued percentage is 100.0, confirming no tokens remain to be released.