Under active development. We're continuously fixing and improving the metrics and parameters, so scores and ratings may change. See changelog

RWABeat

Circle USYC

Tokenized shares of Hashnote International Short Duration Yield Fund, a Cayman fund that earns roughly the overnight Fed funds rate through reverse repo on US government securities and T-bills. Issued by Circle International Bermuda since Circle bought Hashnote in January 2025. About 98% of supply is on BNB Chain.

U.S. TreasuriesNon-US persons onlyTransfer-restrictedOnchain dataIssued by Hashnote Management LLC · Platform Hashnote (Circle)
JSON
Value
$2.37B
Stage
Stage 0
Disclosed
Single-key powers
37
Single key holds critical power
Oracle age
19h 45m
On schedule
Used as DeFi collateral
$115.89· 2 markets

Risk rosette

Seven risks: the real asset, who you have to trust, and whether you can get out in time.

Underlying Asset: Green. Short-dated government debt. No private borrower can cause a loss.Legal Claim: Not assessed. Not assessed yet. Bankruptcy remoteness, what the token legally is, and holder rights need a legal review.Counterparties: Yellow. Money moves only by USDC, so Circle is a single point of failure.Control: Red. A single key can replace the contract code.Transparency: Red. The only reports are self-reported by the issuer (best: Hashnote price reports).Pricing: Red. A single key types in the onchain price (manual pricing).Exit: Unverified · at least yellow. The terms for suspending redemptions aren't public.

What can go wrong

Red findings first, then facts that aren't public, then yellow. 19 in total.

  1. A single key can replace the contract code.

    Control

  2. The only reports are self-reported by the issuer (best: Hashnote price reports).

    Transparency

  3. A single key types in the onchain price (manual pricing).

    Pricing

  4. A single key can create new tokens.

    Control

  5. The terms for suspending redemptions aren't public.

    Exit

  6. Any daily redemption cap isn't public.

    Exit

+13 more in the category tabs.

Legal Claim: not assessed yet. We don't yet judge bankruptcy remoteness or what the token legally gives holders. What we know →

Stage 0 · Disclosed

How much holders have to trust the issuer. Each stage builds on the last.

About stages

Stage 0 · Disclosed

  • What the token holds is described publicly
  • Issuer, custodian, administrator and auditor are named
  • The legal structure is documented
  • Smart contracts are verified onchain

Stage 1 · Protected

  • Bankruptcy-remote structure · legal, not assessed yet
  • Independent custodian and administrator
  • Holdings independently verified, at a pace that fits the asset
  • Admin powers held by a multisig, with a documented policy
  • A documented redemption path

Stage 2 · Trust-minimized

  • An independent trustee who can act for holders · legal, not assessed yet
  • Holdings data that anyone can verify
  • Admin changes behind a timelock, so holders can exit first
  • An exit that works without the issuer's goodwill, and liquidators can hold the token
  • Pricing from an independent source

Key facts

Vehicle
Cayman Islands exempted company, CIMA-registered mutual fund (reg. 2055432)
Jurisdiction
Cayman Islands (fund); Bermuda (token issuer)
LEI
25490083NU09WKP5Z570 ✓ GLEIF
Min. investment
$100,000.00
Who can hold
Non-US persons
Rated as
T-bill or money market fund
Token standard
Custom

Service providers

Custodian
The Bank of New York Mellon
Fund administrator
NAV Fund Services (NAV Consulting, Inc.)
Auditor
Cohen & Co International (Cayman)
Transfer agent
NAV Fund Services (NAV Consulting, Inc.)
Holdings reporting
Hashnote price reports (Hashnote (Circle))

Deployments

EVM deployments we track, with the worst power found on each.

ChainTokenSupplyControlUpgrade path
Ethereum0x1364…9f2b$39.6MRedEOA · none
BNB Chain0x8D0f…1311$2.33BRedEOA · none