Circle Buys Hashnote, Largest Issuer of Tokenized Treasuries

Stablecoin issuer Circle Internet Financial Ltd. acquired Hashnote, adding a tokenized money market fund just as crypto advocate Donald Trump enters the White House for a second term.

Hashnote’s US Yield Coin (USYC) is the largest issuer of tokenized Treasuries, according to industry tracker RWA.xyz. The fund had issued $1.3 billion in tokens as of Tuesday, double its closest competitor, BlackRock Inc.’s BUIDL.

Circle plans to integrate USYC with its USDC stablecoin, it said in a statement on Tuesday, allowing traders to swap between the two. The company also announced a partnership with DRW Holdings ...