Circle USYC

Circle USYC is a token representing shares in Hashnote International Short Duration Fund Ltd., which is registered in the Cayman Islands. The product was originally developed by Hashnote and moved under the Circle umbrella after Circle acquired Hashnote. The fund is now managed by Circle International Bermuda Limited, which is supervised by the Bermuda Monetary Authority. USYC is available on networks such as Ethereum, BNB Chain, Solana, Canton and NEAR.

The fund invests its assets in short-term US Treasury bills and in reverse repo transactions collateralized by short-term US government securities. For this reason USYC is not a stablecoin; because the yield earned is reflected in the net asset value of the fund share, the token's dollar value rises over time. Subscriptions and redemptions are made in USDC, and fast conversion to USDC is offered up to a certain capacity. The product is open only to non-US investors who meet eligibility requirements; Circle positions USYC as yield-bearing collateral on exchanges and in on-chain transactions.

The value of USYC essentially tracks the fund's net asset value; US short-term interest rates, the fund's custody and operating structure, redemption capacity and regulation of tokenized funds are the decisive factors. The Circle USYC page on Lzzo.com uses DefiLlama's dollar-based reference price; the chart shows this source's historical data.