Circle introduced on Jan. 21 the acquisition of the tokenization agency Hashnote, the issuer of the USYC token. Moreover, the corporate closed a partnership with the market maker DRW Cumberland to drive USYC and USD Coin (USDC) in crypto and conventional markets.
In keeping with rwa.xyz knowledge, Hashnote’s tokenized cash fund Hashnote Brief Length Yield Coin is the biggest on the earth, with over $1.2 billion value of tokens USYC issued on a number of blockchain networks, together with Ethereum.
Circle goals to totally combine USYC with its USDC stablecoin to boost accessibility between tokenized cash market fund collateral and the stablecoin market. The objective is to make USYC the popular yield-bearing collateral on exchanges, custodians, and prime brokers.
Jeremy Allaire, CEO and Chairman of Circle, acknowledged:
“As money and yield-bearing short-duration treasury invoice property change into fungible and convertible at blockchain speeds, this improvement unlocks important alternatives for institutional adoption and units a brand new customary for monetary market buildings.”
Circle additionally partnered with DRW, a serious institutional crypto dealer, by way of its subsidiary Cumberland to boost USDC and USYC liquidity.
USDC on Canton
Along with the Hashnote announcement, Circle revealed the issuance of native USDC on the layer-1 blockchain Canton.
Circle acknowledged that Canton has issued over $3.6 trillion in tokenized real-world property (RWA), as its infrastructure is already “used and supported by main conventional banks, buying and selling corporations, asset managers, and exchanges.”
Notably, Circle has been making an attempt to make USDC meet up with Tether USD (USDT), the biggest stablecoin available in the market. In December, the USDC issuer partnered with Binance to make its stablecoin a necessary a part of the alternate’s company treasury asset.
Moreover, Circle lately printed a report revealing that USDC surpassed $20 trillion in all-time transaction quantity and a 78% year-over-year development in circulation provide.
Nevertheless, USDC nonetheless has plenty of floor to cowl. USDT dominates the stablecoin market with an almost $141 billion provide, equal to 69% of the market. It quantities to over 3x the present USDC provide of $44.6 billion, based mostly on Artemis knowledge.
Talked about on this article
