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 response to rwa.xyz information, Hashnote’s tokenized cash fund Hashnote Brief Length Yield Coin is the most important on the planet, with over $1.2 billion value of tokens USYC issued on a number of blockchain networks, together with Ethereum.
Circle goals to completely combine USYC with its USDC stablecoin to boost accessibility between tokenized cash market fund collateral and the stablecoin market. The aim 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 belongings turn out to be fungible and convertible at blockchain speeds, this improvement unlocks vital alternatives for institutional adoption and units a brand new commonplace for monetary market buildings.”
Circle additionally partnered with DRW, a significant institutional crypto dealer, through 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 belongings (RWA), as its infrastructure is already “used and supported by main conventional banks, buying and selling companies, asset managers, and exchanges.”
Notably, Circle has been making an attempt to make USDC meet up with Tether USD (USDT), the most important stablecoin out there. In December, the USDC issuer partnered with Binance to make its stablecoin an important a part of the change’s company treasury asset.
Moreover, Circle not too long ago printed a report revealing that USDC surpassed $20 trillion in all-time transaction quantity and a 78% year-over-year progress in circulation provide.
Nevertheless, USDC nonetheless has numerous 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, primarily based on Artemis information.
