Instruments · Tokenized Treasuries

Circle USYC

USYCTokenized Money Market FundLow

~3.17% (T-bill level)

Yield / return

checked 18 Oct 2026

Circle's tokenized money-market fund (ex-Hashnote): short-term US Treasuries and overnight reverse repos; the largest tokenized treasury product on-chain. Permissioned share of a Cayman fund — institutional distribution, with USDC redemption rails.

Onboard with Circle as an eligible investor; not retail

Who may buy is set by the issuer — check their terms.

Go to Circle ↗Trader view →

Minimum Institutional channels · Self-custody (permissioned/whitelisted) · verify with the provider before acting

Where to buy USYC

Open in trader view →

USYC is not listed on any exchange or DEX we can see. It is bought (subscribed) and redeemed directly with the issuer, Circle (Hashnote Intl. Short Duration Yield Fund) — see above.

Key facts

Yield / return: ~3.17% (T-bill level)
Risk: Low
Minimum: Institutional channels
Liquidity: Near-instant USDC redemption for eligible holders
Custody: Self-custody (permissioned/whitelisted)
KYC: Required
Figures verified: 2026-10-18

Details

Issuer: Circle (Hashnote Intl. Short Duration Yield Fund)
Type: Tokenized Money Market Fund
Category: Tokenized Treasuries
Pillar: Fixed Income
Yield source: Short-term US Treasuries + reverse repos
Network: Ethereum / Solana / Canton / Sui
Jurisdiction: Cayman / USA (institutional)
AUM: ~$3B

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Tokenized money market funds, compared →What kind of asset is this? All types explained →

What you actually own

Circle USYC · Issuer-tokenized

A share in a regulated fund

Dividends: Not confirmed
Voting rights: Not confirmed
Corporate actions: Not confirmed
Redemption: Not confirmed
If the issuer fails: Not confirmed
Transfer: Not confirmed

checked 2026-09-18 · issuer-docs · source

Who it is aimed at

Target / Area

Who can buy — as the issuer states it

NoUS · Institutions
Non-US entities only.
checked 2026-09-18 · issuer-docs · source
NoUS · Retail investors
Available only to entities that are not US persons (Regulation S). — Regulation S
checked 2026-09-18 · issuer-docs · source

Quoted from the sources linked, on the date shown. Terms change; the issuer has the final word (issuer documentation).

Questions about USYC and Tokenized Treasuries

Buying USYC: common questions

How do I buy USYC?

Onboard with Circle as an eligible investor; not retail. The token runs on Ethereum / Solana / Canton / Sui. Minimum: Institutional channels.

Where can I buy USYC?

USYC is not listed on any exchange or DEX we can see. It is bought (subscribed) and redeemed directly with the issuer, Circle (Hashnote Intl. Short Duration Yield Fund).

Who can buy USYC?

As Circle USYC states it: US, institutions: no (Non-US entities only); US, retail investors: no (Available only to entities that are not US persons (Regulation S)). The issuer has the final word; check its terms before buying.