The post Circle Boosts USDC Adoption With Hashnote Buy and Tokenized Fund Integration appeared on BitcoinEthereumNews.com.

Circle, the issuer of the $48 billion USDC stablecoin, has announced its acquisition of Hashnote, a leading issuer of tokenized real-world assets. Hashnote is the creator of USYC, a tokenized money market fund with over $1.3 billion in assets. The acquisition was finalized during the World Economic Forum in Davos, Switzerland. Circle Acquires Hashnote to Lead Tokenization of Real-World Assets According to a recent press statement, Circle has acquired Hashnote, the issuer of the $1.3 billion tokenized money market fund USYC. This move positions Circle at the forefront of integrating tokenized assets with its widely used stablecoin, USDC. The acquisition aligns with Circle’s strategy to connect traditional financial markets with blockchain technology. Hashnote’s USYC token, which has grown into the largest tokenized U.S. Treasury product, will be integrated into Circle’s platform. This integration will allow USYC to serve as yield-bearing collateral across digital asset exchanges, prime brokers, and custodians. Circle CEO, Jeremy Allaire added, “We helped invent tokenized cash, and are now leading the way in tokenized money markets, both of which we believe will become essential to the future of the global financial system.” Meanwhile, USDC adoption has been on the rise, with recent reports indicating that Coinbase is enabling users to borrow USDC against Bitcoin collateral. The new service allows loans of up to $100,000, leveraging the Morpho protocol on the Base blockchain. USDC and USYC on Canton Network Additionally, Circle will deploy USDC on the Canton Network, a blockchain designed for real-world asset transactions. Major traditional financial institutions support the network, processing over $1.5 trillion in monthly repo transactions. Circle will offer convertibility between USDC and USYC, ensuring constant liquidity and efficient transaction settlements. This integration will enable 24/7 transfers between collateral and cash, bridging the gap between decentralized and traditional finance.  Following the acquisition, Leo Mizuhara,…

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Filed under: News - @ January 22, 2025 6:19 am