Key Notes
- Circle’s Hashnote brings institutional-grade Treasury collateral to BNB Chain with near real-time USDC settlement.
- The $1.07B fund offers 3.93% APY through price appreciation, targeting non-US institutions with KYC requirements.
- BNB Chain deployment follows recent institutional moves, addressing demand for regulated DeFi collateral.
Hashnote, the institutional asset management subsidiary of Circle, has deployed its USYC tokenized money market fund on BNB Chain on Nov. 19. The launch enables investors to utilize the yield-bearing asset as collateral within the network’s decentralized finance protocols.
The expansion brings USYC to the BNB Chain ecosystem, which allows eligible non-US institutional investors to subscribe to the fund or redeem shares for USDC in near real-time. Circle acquired Hashnote in January 2025 to integrate USYC with its broader suite of products. This fund invests in US Treasury bills and reverse repurchase agreements.
USYC 🤝 @BNBCHAIN
USYC is a tokenized money market fund that accrues daily yield via token price increases and redeems to/from USDC onchain.
Eligible BNB Chain developers can now integrate yield-accruing collateral for lending, margin, and vaults, with daily pricing and onchain… pic.twitter.com/gGAEHf0uvh
— Circle (@circle) November 19, 2025
Market Performance and Structure
The fund reported $1.07 billion in assets under management as of Nov. 19 according to on-chain data from RWA.xyz. This independent figure diverges from the product dashboard, which lists over $1.2 billion in assets. Coinspeaker has reached out to the issuer for comment regarding this discrepancy.
The product offers a 7-day annualized percentage yield (APY) of 3.93%. Returns accrue through token price appreciation rather than rebase mechanisms. This structure allows holders to earn yield without staking or manual claims.
Why Expand to BNB Chain?
BNB Chain serves as a strategic venue for the fund. This is due to its established DeFi ecosystem and high transaction throughput. The network consistently ranks among the top blockchains by daily active users, which provides a deep addressable market for institutional-grade collateral.
The launch addresses a gap for traders who require regulated and yield-bearing collateral. Apart from this, it targets users who need assets that integrate directly into on-chain protocols. By utilizing the stablecoin issuer’s infrastructure, the fund ensures seamless interoperability with USDC liquidity.
Access to USYC remains strictly gated. The product is available only to non-US institutional investors who complete Know Your Customer (KYC) verification. The firm requires eligible entities to allow-list their wallets before interacting with the smart contracts. This compliance framework aligns with the broader tokenized US Treasuries trend, which has seen rapid growth throughout 2025.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
