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

Single key holds critical power

Oracle age

19h 45m

On schedule

Used as DeFi collateral

$115.89· 2 markets

Exit

How fast can a holder, or a liquidator, get out?

Unverified · at least yellow

The terms for suspending redemptions aren't public.

The terms for suspending redemptions aren't public.
Any daily redemption cap isn't public.
Only allowlisted holders can redeem.
Only allowlisted liquidators can hold the token.
Redemption settles at T+0.
Instant redemption can pay out $38.3M today.

USYC Teller (USDC from the Circle treasury wallet): $38.3M available, no stated cap.
Top 10 wallets hold 100.0% of supply on ethereum.

Redemption with the issuer

Redemption available: Yes
Who can redeem: Whitelisted holders
Dealing: Any time
Settlement: T+0
Notice period: None
Lock-up: None
Gates or suspension: Not public · searched 13 Oct 2026 · Fund-level suspension terms are in the offering memorandum, which is not public. Onchain, the fund-admin EOA can pause Entitlements (blocks every transfer and redemption) and set per-account limits instantly. Help us find it
Daily cap: Not public · searched 25 Oct 2026 · Per-account limits are set by the fund admin; 'If you require more liquidity on a specific day, please contact us'. Help us find it
Minimum: $0.00
Fee: 0%

Liquidators

In a lending market, the real exit window is how fast a liquidator can get out.

Can hold the token: Allowlisted wallets only

Holder concentration

The top 10 wallets on Ethereum hold 100.0% of supply (25 holders).

SafeProxy0xB1a6…629b40.00%
GnosisSafeProxy0xdd82…C7c727.11%
0x866c…1e8e9.67%
0xeA97…5DE89.38%
0x4e67…3caC7.94%

Instant exits

Ways out that don't wait for redemption. Real liquidity means $5.0M out at once.

Instant redemption facilities

Facility	Contract	Daily cap	Can pay now	Fee
USYC Teller (USDC from the Circle treasury wallet)	0xeE35…30e6	Not public	$38.3M	—

Selling on DEXs into USDC

Sell	You get	Loss against NAV
$1.0M	$431.00	99.96% (dust pools only)
$5.0M	$432.00	99.99% (dust pools only)
$10.0M	$432.00	100.00% (dust pools only)

Quoted 25 Oct 2026, 09:16 UTC at NAV $1.14, via KyberSwap.