01 /
Brief
Largest tokenized treasury product at $2.4B. Acquired by Circle from Hashnote. ~$1.9B used as Binance off-exchange collateral on BNB Chain and increasingly positioned as institutional collateral inside the Canton ecosystem.
02 /
Snapshot
Key terms and identifiers.
- Asset value
- $2.92B
- Fee
- Performance fee (not flat)
- Custodian
- BNY Mellon
- Min investment
- $100K
- Structure
- Cayman registered fund (CIMA)
- Chains
- Ethereum, Solana, Base, Canton, NEAR, Noble, BNB Chain
- NAV frequency
- Daily
- Investor type
- Non-US institutions
- Spec type
- fund
- As of
- 2026-05
- Asset classes
- Treasuries
- Token standards
- erc-20, eip-4626
- Regulatory
- sec-reg-d
- Jurisdiction
- US
- Analytics
- app.rwa.xyz/assets/USYC
03 /
Milestones
How this player got here.
- Jan 2026Surpassed BUIDL as largest tokenized treasury fund
- Jan 2025Acquired by Circle alongside DRW liquidity partnership
- Jan 2024Launched as Hashnote tokenized money market fund
04 /
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
