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Circle-owned tokenized yield fund powering yield-bearing collateral.
USYC is the on-chain representation of the Hashnote International Short Duration Yield Fund, invested in reverse repo and US government securities. Acquired by Circle in 2025, USYC pairs native convertibility with USDC and serves as preferred yield-bearing collateral on major derivatives venues.
USYC's edge is convertibility: Circle ownership gives it a near-native bridge to and from USDC, making it the working-capital treasury token of choice for trading firms. TVL is cyclical — it swells when perp-market basis trades are attractive and shrinks when they aren't, so headline AUM should be read as trading-desk demand rather than sticky savings. Overnight repo composition keeps duration risk near zero.
Generated from issuer disclosures and reviewed against sources listed below. Not investment advice.
Addresses shown only where independently confirmed against explorers and issuer documentation. Holder and transfer analytics are available via the linked explorers — approximately 250 holders across networks.
USYC AUM tracks demand for yield-bearing exchange collateral, which contracted as funding-rate trades compressed after Q1 2025.