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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

Counterparties

Which offchain companies could fail, even if the asset is fine?

Yellow

Money moves only by USDC, so Circle is a single point of failure.

  1. Money moves only by USDC, so Circle is a single point of failure.

  2. Independent, regulated custodian: The Bank of New York Mellon (Federal Reserve and NYDFS).

  3. Independent, regulated fund administrator: NAV Fund Services (NAV Consulting, Inc.) (CIMA).

  4. Audited by Cohen & Co International (Cayman), a PCAOB-registered firm.

  • Transfer agent: NAV Fund Services (NAV Consulting, Inc.).
  • Prime broker: Marex.
  • Bank: Customers Bank.

Service providers

Who holds, values, audits and registers the assets, and whether they answer to a regulator.

RoleFirmIndependent of issuerRegulated
CustodianThe Bank of New York MellonYesYes, Federal Reserve and NYDFS
Fund administratorNAV Fund Services (NAV Consulting, Inc.)YesYes, CIMA
AuditorCohen & Co International (Cayman)YesPCAOB-registered
Transfer agentNAV Fund Services (NAV Consulting, Inc.)YesYes, CIMA

Settlement rails

How subscription and redemption money moves. One rail is a single point of failure.

USDC

Other parties holders depend on

  • Prime broker: Marex
  • Bank: Customers Bank