Circle USYC
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 73 → 77. Problems weighed by who is responsible: concerns that are not fraud −3.2, problems around the subject, caused by others −1.7; legitimacy credit long-running +2, regulated +5; fact-check adjustments (−5) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -3.2 |
| Problems around it, caused by others | -1.7 |
| Long-running | +2 |
| Regulated | +5 |
| Sum | 67 |
Score: 77/100 (kept between 0 and 100)
How scoring works →Summary
USYC (US Yield Coin) is a tokenized money market fund representing shares in the Hashnote International Short Duration Yield Fund Ltd., a Cayman Islands-regulated fund investing primarily in short-duration U.S. Treasury securities and reverse repurchase agreements. Originally issued by Hashnote, USYC and its issuer were acquired by Circle Internet Group in January 2025; the token is now issued by Circle International Bermuda Limited, a Bermuda Monetary Authority-licensed entity, and has grown to become the largest tokenized U.S. Treasury product on-chain by assets under management. The product carries genuine institutional-grade structure and disclosure, but access is restricted to non-U.S. persons and KYC'd institutional entities, redemption ultimately depends on centralized allowlisting and issuer-controlled smart contracts, and the fund itself was not directly implicated in the January 2025 Usual/USD0++ depeg despite serving as collateral for that episode.
Connected Entities
6 entities · 60 linked investigations- Binance→mentioned with→Ethereum(65%)
- Circle USYC→mentioned with→Ethereum(60%)
- Canton Network→mentioned with→Ethereum(70%)
- Circle USYC→mentioned with→Solana(65%)
- Circle USYC→mentioned with→Canton Network(85%)
- Circle USYC→mentioned with→Usual USD0(80%)
- Usual USD0→mentioned with→Binance(80%)
- Usual USD0→mentioned with→Ethereum(60%)
- Solana→mentioned with→Ethereum(60%)
- Circle USYC→mentioned with→Binance(65%)
Timeline(5 events)
31 December 2024
Circle and Hashnote sign a definitive merger agreement, effective this date.
WilmerHale / Circle press release21 January 2025
Circle Internet Group closes its acquisition of Hashnote Holdings LLC and USYC, alongside a Cumberland/DRW liquidity partnership and plans to bring USDC to the Canton Network.
Circle press release / CoinDesk10 January 2025
The Usual protocol modifies USD0++ redemption rules, reducing the unconditional redemption rate and triggering a de-anchoring of USD0++ (which used USYC as partial collateral) to roughly $0.90; USYC itself is reported to have remained stable.
Gate.com / AiCoin analysisOctober 2025
Circle expands USYC to Solana, part of broader multi-chain rollout (Base, Canton, NEAR, Sui, planned BNB Chain).
CoinDesk13 March 2026
Reporting indicates Circle's USYC overtakes BlackRock's BUIDL to become the largest tokenized U.S. Treasury fund as the overall tokenized treasury market surpasses $11 billion.
CoinDeskDecision Log
- slot 459462076 · hash 6dd1abH5iGtoqajdJv9TVKWEpAhroU1itoTEmxJnp5bt
- slot 455370871 · hash 4CpNu77gyM7aigBgJGWdNH1n2mnHrreR3B3dqqSUwvJh
- slot 443503983 · hash 2aX91TkH7WKpmvWkve1nntKHyxYS7gKgP1CLqfP2SGwE
- slot 443503980 · hash 4yHYZEwu7n28xeTufZSnKPQG9REx6BhfxWRkfYv5UE4n
- slot 443501749 · hash 87vxerfoNHAkPrDM3saDKbfnFUtE9QqGzs1EMk4Ffvnq
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 15 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 7/24/2026, 1:02:39 AM
last updated: 10/10/2026, 6:50:40 PM
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