Stablecoin issuer Circle Hashnot has seized the world's largest money market fund after acquiring an undisclosed sum.
USYC, or Hashnote Short Duration Yield Coin, is backed by US Treasury debt and repurchase agreements, with a total asset value of more than $1.25 billion, according to RWA. Data.
Many businesses are looking for a real-world asset token as they seek to achieve profitable growth. The move is expected to strengthen Circle's position with rival and stablecoin giant Tether. kick off Its tokenization platform, Hadron, in November.
In support of the merger, Circle has partnered with DRW subsidiary Cumberland, a leading institutional crypto trading firm, which will strengthen the integration between the fund and Circle's stablecoin, USDC.
as a press release Tuesday.
The merger is expected to position USYC as the preferred yielding container of exchanges, custodians and prime brokers in both crypto and traditional financial markets, Circle said.
Speaking about the partnership, Circle's CEO Jeremy Allaire said on Tuesday X Every hour there is a great opportunity to “bring productive collateral to crypto market structures”.
“One of the advantages of capital markets is the ability to move between cash and securities in real time,” he said. We open this by focusing on the well-established crypto capital markets.
TMMFs are blockchain-based digital versions of traditional financial assets, such as treasury bills, as a way to invest in fast-yielding instruments.
It has also announced plans to deploy native USDC on Canton, a blockchain designed for secure and private financial applications. Canton handles more than $3.6 trillion in tokenized RWAs and facilitates more than $1.5 trillion in monthly repo transactions, the companies said.
Real-world asset tokenization, which turns ownership of physical assets into a blockchain-based token, is gaining momentum.
Total value locked in the sector rose 36.9% year over year to $7.89 billion, according to DeFillama. Data. That is expected to be more of a bubble 50 billion dollars In some assumptions.
Spotting an early opportunity, global asset manager BlackRock launched its own fund on Ethereum in March last year, allowing qualified investors access to US dollar yields.
Dubbed the BlackRock US Dollar Institutional Digital Liquid Fund (BUIDL), the vehicle reportedly has more than $500 million in assets under management.
“Circle is leading the way in bringing about the most important financial infrastructure, fostering the adoption of a more scalable global institutional crypto infrastructure, and paving the way for onchain money to become the centerpiece of traditional financial markets,” he said. In his post.
Edited by Sebastian Sinclair.
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