Circle Internet Group announced plans to integrate its recently acquired Hashnote TMMF into Bermuda’s regulatory framework for increased transparency and compliance.
Circle Brings Hashnote TMMF Under Bermuda’s Regulatory Oversight
Hashnote is the issuer of USYC, the world’s largest tokenized treasury and money market fund, managing nearly $1 billion in assets. Circle acquired Hashnote this year to expand USYC’s role as a collateral option for institutional investors. The company aims to fully integrate USYC with USDC, one of the most widely used stablecoins, to facilitate transactions between tokenized money market collateral and digital currencies.
Growing Interest in Tokenized Treasuries
Circle's move reflects a broader industry trend of bringing real-world assets onto blockchain networks, particularly in tokenized treasuries and money market funds. The growing market for tokenized financial instruments has attracted major asset managers. Franklin Templeton introduced its OnChain US Government Money Fund in 2021, while BlackRock launched a competing product, BUIDL, last year.
Circle’s IPO Plans
Circle's expansion efforts come amid its ongoing IPO plans. In early 2024, the company confidentially filed an S-1 form with the Securities and Exchange Commission as a necessary step for going public. While details remain undisclosed, the rising market capitalization of USDC—now exceeding $58 billion—could strengthen Circle’s position as it navigates regulatory and market dynamics.
Circle's plans to integrate Hashnote TMMF under Bermuda's oversight highlight the company's continued commitment to innovation in tokenized finance and its move towards a public market presence.
