Circle Internet Financial, the largest issuer of stablecoins, announced its acquisition of the Hashnote platform to expand its market in tokenized assets and integrate USYC with USDC.
Hashnote Acquisition
Circle announced the acquisition of Hashnote, a leader in tokenized treasury assets. Hashnote is known for its flagship product, the US Yield Coin (USYC), which significantly surpasses the token volumes of its competitors, including BlackRock's BUIDL.
Integration of USYC and USDC
Circle is now integrating USYC with its stablecoin USDC, enabling seamless trading between the two. This should bolster USDC's position in the stablecoin market, where it lags behind USDT in market share.
Circle Expansion and Canton Blockchain Usage
Circle also announced the issuance of native USDC on the Canton blockchain, allowing the tokenization of over $3.6 trillion in real-world assets. This development is supported by banks, trading firms, asset managers, and exchanges, reflecting the company’s ambition to strengthen USDC's market share and compete with Tether as part of its expansion strategy.
The acquisition of Hashnote and blockchain advancements highlight Circle's ambition to strengthen USDC's position in the market and expand its presence in the world of tokenized assets.
