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

Legal Claim

If the issuer goes bankrupt, do holders still own the assets?

Not assessed

Not assessed yet. Bankruptcy remoteness, what the token legally is, and holder rights need a legal review.

No checks recorded.

Until a qualified legal reviewer joins, we show the public records below so you can read them yourself. This category will check:

  • Structure: regulated fund, bankruptcy-remote SPV, or direct issuer liability
  • What the token legally is: a fund share, a debt note, or a contractual claim
  • Whether the token is the official record of ownership
  • Jurisdiction, and whether a court there would recognize a token holder
  • An independent trustee or board that can act for holders
  • Regulatory status of the product and the issuer

Bankruptcy remoteness (Stage 1) and an independent trustee (Stage 2) depend on this review.

Legal structure

Issuer
Hashnote International Short Duration Yield Fund Ltd.
Vehicle
Cayman Islands exempted company, CIMA-registered mutual fund (reg. 2055432)
Jurisdiction
Cayman Islands (fund); Bermuda (token issuer)
If the issuer fails
Claimed bankruptcy-remote: 'All investments in iSDYF are held bankruptcy-remote at our custodian, BNY Mellon, via primebroker, Marex … resolution of the iSDYF fund would be independent of any resolution or bankruptcy of Hashnote.' Written before the Circle acquisition.

Public records

LEI
25490083NU09WKP5Z570
SEC filings
Not public · searched 13 Oct 2026 · No EDGAR filer for the fund. Other Hashnote vehicles and the parent Circle Internet Group (CIK 0001876042) file. Help us find it
Offering document
Not public · searched 13 Oct 2026 · Available on request from customer-support@circle.com; Steakhouse quotes extracts Help us find it
Audited financials
Not public · searched 13 Oct 2026 · LlamaRisk: 'Cohen and Co is the designated auditor … though no reports have been published.' Help us find it
Transfer agent
NAV Fund Services (NAV Consulting, Inc.)