KEY TAKEAWAYS
- Circle plans to integrate the Hashnote Tokenized Money Market Fund under its DABA License in Bermuda, enhancing its stablecoin offerings.
- The integration aims to connect USYC with USDC, facilitating seamless access to yield-bearing collateral on crypto exchanges.
- Bermuda’s regulatory environment is highlighted as a key factor in Circle’s strategic expansion, promoting trust and transparency in digital assets.
- Circle’s commitment to Bermuda underscores the island’s role in fostering innovative financial services and regulatory clarity.
Circle Internet Group, Inc., a prominent financial technology firm and stablecoin market leader, has announced plans to integrate its newly acquired Hashnote Tokenized Money Market Fund (TMMF) under its existing Digital Assets Business Act (DABA) License in Bermuda. This move leverages Circle’s longstanding licensing relationship with the Bermuda Monetary Authority (BMA), which began in September 2021 through its regulated subsidiary, Circle International Bermuda Limited.
Hashnote, the issuer of USYC, is recognized as the largest tokenized treasury and money market fund globally, with nearly $1 billion deployed into USYC as of March 6, 2025. Circle aims to fully integrate USYC with USDC, one of the world’s most popular stablecoins. This integration will facilitate seamless access between TMMF collateral and USDC, positioning USYC as a preferred form of yield-bearing collateral on crypto exchanges, as well as with custodians and prime brokers.
Circle’s Strategic Move in Bermuda
Jeremy Allaire, Co-founder and CEO of Circle, emphasized Bermuda’s role as a natural choice for USYC and tokenized money market operations. He noted that the Bermuda Monetary Authority provides a forward-thinking regulatory environment that promotes trust, compliance, and transparency in the digital asset space.
The Hon. E. David Burt, JP, MP, Premier of Bermuda, highlighted Circle’s ongoing commitment to Bermuda as a testament to the island’s regulatory clarity for innovative financial services. He expressed optimism about the potential for more innovative opportunities through Circle’s initiatives, particularly with their participation in the upcoming Bermuda Digital Finance Forum.
Building on a Strong Regulatory Foundation
Dante Disparte, Chief Strategy Officer and Head of Global Policy & International Operations at Circle, described Bermuda as an ideal jurisdiction for developing Circle’s latest product offerings. He acknowledged the collaborative relationship with the Bermuda Monetary Authority and expressed anticipation for further growth of Circle’s platform in Bermuda.
Circle’s plans to integrate Hashnote TMMF with USDC in Bermuda were announced here.
Why This Matters: Impact, Industry Trends & Expert Insights
Circle’s integration of the Hashnote Tokenized Money Market Fund with USDC in Bermuda marks a significant development in the stablecoin and tokenized asset space. This strategic move leverages Bermuda’s progressive regulatory environment to enhance financial products.
A CryptoSlate report highlights that the integration of tokenized treasuries with stablecoins provides low-risk collateral, bridging blockchain technology with traditional financial products like U.S. treasuries. This aligns with Circle’s efforts to integrate USYC with USDC, potentially positioning tokenized treasuries as a preferred form of collateral.
As per insights from Cohen & Company, tokenized money markets and stablecoins are pivotal for modernizing financial systems. This supports Circle’s initiative, as the integration of USYC and USDC could enhance the utility and adoption of stablecoins in global finance.
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