Circle Internet Group, Inc., the company behind the $58 billion USDC stablecoin, announced on Thursday its plans to bring the recently acquired Hashnote Tokenized Money Market Fund (TMMF) under Bermuda’s regulatory oversight. With nearly $1 billion in assets under management, the fund will be integrated into Circle’s existing Digital Assets Business Act (DABA) license, as stated in a press release.
Hashnote issues USYC, the largest tokenized money market fund according to rwa.xyz data. By merging USYC with USDC, Circle aims to facilitate seamless movement between a yield-bearing asset and one of the most widely used stablecoins, while also enhancing USYC as a collateral option on various platforms such as exchanges, custodians, and prime brokers.
Circle CEO Jeremy Allaire highlighted Bermuda’s significance in digital asset regulation, describing it as a “natural choice” for USYC operations. The Bermuda Monetary Authority (BMA) initially granted Circle a comprehensive license in 2021, and the company has since maintained a presence in the jurisdiction.
“Digital financial products like USYC and USDC are enhancing Bermuda’s digital connectivity and our leadership in international business markets,” stated Premier of Bermuda David Burt.
