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)
Value
$2.37B
Stage
Stage 0
DisclosedSingle-key powers
37
Single key holds critical powerOracle age
19h 45m
On scheduleUsed as DeFi collateral
$115.89· 2 markets
47 sources cited on this page. Every public curated value must have one; schema validation fails the build otherwise.
Overview
| Field | Source | Note | Checked |
|---|---|---|---|
| access › investor type | usyc.docs.hashnote.com/overview/investor-onboarding | 'Only accessible to institutions outside the United States' (Reg S non-US persons), KYC/AML'd by the fund administrator | 13 Oct 2026 |
| access › minimum investment | usyc.docs.hashnote.com/overview/investor-onboarding | — | 13 Oct 2026 |
| access › transfer restricted | developers.circle.com/tokenized/usyc/smart-contracts | transfer/transferFrom call authority.canCall on sender and receiver; role 0 (investor) has the transfer capability. 127 addresses held role 0 on Ethereum at review. | 13 Oct 2026 |
| value (AUM) | defillama.com | Onchain supply × price (tracked chains only) | 29 Oct 2026 |
Underlying Asset
| Field | Source | Note | Checked |
|---|---|---|---|
| underlying › holdings | app.rwa.xyz/assets/USYC | 'USYC provides exposure to short duration US Treasuries and Reverse Repo on US Treasuries.' The issuer's price reports give only fund-level principal and interest; no holdings list or weights are public. | 25 Oct 2026 |
| underlying › track record | usyc.hashnote.com/api/price-reports | Fund incorporated 2023-03-17. Price reports rise steadily; no drop found. | 25 Oct 2026 |
Legal Claim
| Field | Source | Note | Checked |
|---|---|---|---|
| legal › vehicle type | api.gleif.org/api/v1/lei-records/25490083NU09WKP5Z570 | Token issuer: Circle International Bermuda Limited (BMA regulated), LEI 254900HOS8Z6JFRRCO30 | 13 Oct 2026 |
| legal › jurisdiction | developers.circle.com/tokenized/usyc/overview | — | 13 Oct 2026 |
| legal › lei | api.gleif.org/api/v1/lei-records/25490083NU09WKP5Z570 | Entity ACTIVE, registration LAPSED | 13 Oct 2026 |
| legal › insolvency | forum.arbitrum.foundation/t/hashnote-usyc-step-application/23587 | — | 13 Oct 2026 |
Counterparties
| Field | Source | Note | Checked |
|---|---|---|---|
| counterparties › custodian | forum.arbitrum.foundation/t/hashnote-usyc-step-application/23587 | Assets held at BNY Mellon through prime broker Marex (2024 statement, before the Circle acquisition). | 25 Oct 2026 |
| counterparties › fund administrator | usyc.docs.hashnote.com/overview/service-providers | Fund Administrator: NAV Consulting | 25 Oct 2026 |
| counterparties › auditor | usyc.docs.hashnote.com/overview/service-providers | Auditor: Cohen and Company. rwa.xyz lists Valaston International instead. | 25 Oct 2026 |
| counterparties › transfer agent | kitchen.steakhouse.financial/p/usyc | Per the offering summary, 'the share register must follow the blockchain' | 13 Oct 2026 |
| counterparties › affiliated | usyc.docs.hashnote.com/overview/service-providers | — | 25 Oct 2026 |
| counterparties › settlement rails | developers.circle.com/tokenized/usyc/overview | Subscriptions and redemptions are in USDC. | 25 Oct 2026 |
| counterparties › operators | usyc.docs.hashnote.com/overview/service-providers | — | 25 Oct 2026 |
| counterparties › operators | usyc.docs.hashnote.com/overview/service-providers | — | 25 Oct 2026 |
Control
| Field | Source | Note | Checked |
|---|---|---|---|
| control › audits | forum.arbitrum.foundation/t/hashnote-usyc-step-application/23587 | 'USYC was last audited in March, 2024'; the report isn't published. Etherscan shows no audit for the current implementation. | 25 Oct 2026 |
| control › powers documented | developers.circle.com/tokenized/usyc/smart-contracts | Lists contract addresses only; no roles or powers. | 25 Oct 2026 |
| control › chains | developers.circle.com/tokenized/usyc/smart-contracts | Both hold unlimited minter allowances on the Ethereum token. | 25 Oct 2026 |
| control › chains | developers.circle.com/tokenized/usyc/smart-contracts | — | 25 Oct 2026 |
| YieldCoin contract | etherscan.io/address/0x136471a34f6ef19fE571EFFC1CA711fdb8E49f2b | Read at block 26183723 | 13 Oct 2026 |
| GenericNextPriceAggregator contract | etherscan.io/address/0x74f2199AEb743f68f05943e5715A33EaF2b61f53 | Read at block 26183723 | 13 Oct 2026 |
| Entitlements contract | etherscan.io/address/0x902D906b8d988092213bE799B18Bd2cbd64F808C | Read at block 26183723 | 13 Oct 2026 |
| PriceReporter contract | etherscan.io/address/0x9fde717a21c5b272B8956d3AA0c3551E1FFd23D7 | Read at block 26183723 | 13 Oct 2026 |
| Teller contract | etherscan.io/address/0xeE35F963BFC71b51eC95147f26c030D674ea30e6 | Read at block 26183723 | 13 Oct 2026 |
| Entitlements contract | bscscan.com/address/0x6B7d54003f73bE979cf92BF369432aC534853692 | Read at block 127400715 | 13 Oct 2026 |
| USYCSatellite contract | bscscan.com/address/0x8D0fA28f221eB5735BC71d3a0Da67EE5bC821311 | Read at block 127400715 | 13 Oct 2026 |
Transparency
| Field | Source | Note | Checked |
|---|---|---|---|
| freshness class | developers.circle.com/tokenized/usyc/overview | Short-duration Treasuries and reverse repo, earning about the overnight rate. | 25 Oct 2026 |
| transparency › reports | usyc.hashnote.com/api/price-reports | Fund-level principal, interest and balance, posted by the fund-admin key. No holdings list or third-party attestation found. | 25 Oct 2026 |
Pricing
| Field | Source | Note | Checked |
|---|---|---|---|
| pricing › reference | usyc.docs.hashnote.com/overview/token-price | GenericNextPriceAggregator (UUPS, 18 decimals), read by the Tellers. transmit() is callable only by PriceReporter 0x9fde…23d7, whose transmitCall is restricted to the fund admin (EOA 0xdbe0…800d, which sent the last report). Updates once per business day around 9am ET; none on weekends or US Federal holidays. The legacy SDYCAggregatorProxy 0x4c48…8b3e, owned by the same EOA, is the feed Usual reads. | 13 Oct 2026 |
| pricing › staleness detectable | usyc.docs.hashnote.com/overview/token-price | latestRoundData returns the report's updatedAt. | 25 Oct 2026 |
| pricing › loss recognition | usyc.docs.hashnote.com/overview/token-price | Price set once per business day after the prime broker reports. | 25 Oct 2026 |
Exit
| Field | Source | Note | Checked |
|---|---|---|---|
| exit › redemption › available | usyc.docs.hashnote.com/overview/subscription-and-redemption | Onchain through the Teller (redeem(shares, receiver, account)) into USDC, 24/7/365 | 13 Oct 2026 |
| exit › redemption › who can redeem | developers.circle.com/tokenized/usyc/subscribe-and-redeem | Role 0 has the redeem capability on Teller 0xeE35…30e6 | 13 Oct 2026 |
| exit › redemption › settlement | developers.circle.com/tokenized/usyc/overview | 'Subscriptions and redemptions settle atomically in real time (T+0)', while treasury liquidity lasts; beyond that, 'please contact us' | 13 Oct 2026 |
| exit › dealing | developers.circle.com/tokenized/usyc/overview | Teller redeems 24/7, atomically, while treasury liquidity lasts. | 25 Oct 2026 |
| exit › notice days | developers.circle.com/tokenized/usyc/overview | — | 25 Oct 2026 |
| exit › lockup days | developers.circle.com/tokenized/usyc/overview | — | 25 Oct 2026 |
| exit › minimum usd | app.rwa.xyz/assets/USYC | — | 25 Oct 2026 |
| exit › fee bps | usyc.docs.hashnote.com/overview/fees | 3 bps on redemptions above $1M a day. | 25 Oct 2026 |
| exit › liquidators | developers.circle.com/tokenized/usyc/overview | Transfers check the Entitlements allowlist on both sides. Aave Horizon's aUSYC holds the custodian role. | 25 Oct 2026 |
| exit › instant › funded usd | etherscan.io/address/0xeE35F963BFC71b51eC95147f26c030D674ea30e6 | totalAssets = min(treasury USDC 42.43M, allowance 38.30M); topped up by hand. | 13 Oct 2026 |
| top holders | eth.blockscout.com/token/0x136471a34f6ef19fE571EFFC1CA711fdb8E49f2b?tab=holders | Top 10 wallets on Ethereum | 25 Oct 2026 |
| DEX sell quotes | kyberswap.com | $1M, $5M and $10M sells into USDC, against NAV | 25 Oct 2026 |
DeFi exposure
| Field | Source | Note | Checked |
|---|---|---|---|
| lending markets | app.morpho.org | Morpho API, Aave pools onchain | 29 Oct 2026 |