important notes
Circle’s Hashnote brings institutional-grade Treasury collateral to the BNB Chain with near real-time USDC settlement. The $1.07 billion fund targets non-U.S. institutions with KYC requirements and offers an APY of 3.93% through price appreciation. The deployment of BNB Chain follows recent institutional moves to address the demand for regulated DeFi collateral.
Hashnote, Circle’s institutional asset management subsidiary, deployed the USYC tokenized money market fund on the BNB chain on November 19th. The launch will allow investors to use high-yielding assets as collateral within the network’s decentralized finance protocol.
This expansion brings USYC into the BNB Chain ecosystem, allowing eligible non-U.S. institutional investors to subscribe to the fund and redeem USDC shares in near real-time. Circle acquired Hashnote in January 2025 to integrate USYC with its broader product suite. The Fund invests in U.S. Treasury bills and reverse repurchase transactions.
🤝 @BNBCHAIN
USYC is a tokenized money market fund that earns daily returns through token price appreciation and redeems them on-chain with USDC.
Eligible BNB Chain developers can now integrate income-generating collateral for loans, margin, and vaults using daily pricing and on-chain… 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 November 19, according to on-chain data from RWA.xyz. This independent number is different from the product dashboard, which lists over $1.2 billion in assets. Coinspeaker has reached out to the publisher for comment regarding this discrepancy.
This product has a 7-day Annual Percentage Yield (APY) of 3.93%. Returns occur through token price appreciation rather than through a rebase mechanism. This structure allows holders to earn yield without staking or manual charges.
Why expand to BNB chain?
The BNB chain serves as the fund’s strategic location. This is due to its established DeFi ecosystem and high transaction throughput. The network consistently ranks among the top blockchains by number of daily active users and offers a deep and accessible market for institutional-grade collateral.
This introduction closes the gap for traders who require regulated yield collateral. Apart from this, it targets users who need assets to integrate directly into on-chain protocols. By leveraging the stablecoin issuer’s infrastructure, the fund ensures seamless interoperability with USDC liquidity.
Access to USYC remains tightly gated. This product is available only to non-U.S. institutional investors who have completed Know Your Customer (KYC) verification. The company requires eligible entities to allowlist their wallets before interacting with smart contracts. This compliance framework is consistent with the broader tokenized U.S. Treasury trend, which is expected to see rapid growth throughout 2025.
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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information but should not be taken as financial or investment advice. Market conditions can change rapidly, so we recommend that you verify the information yourself and consult a professional before making any decisions based on this content.
Zoran Spirkovski, Web3 Marketing Strategist and former CMO of DuckDAO, transforms complex cryptographic concepts into compelling stories that drive growth. With a background in cryptocurrency journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
Zoran Spielkovskiy of X
