Hashnote, an asset management unit of Circle, has launched the USYC cryptocurrency money market fund on the BNB Chain. This expansion allows investors to use USYC—a yield-bearing asset backed by U.S. Treasury bills and reverse repo contracts—as collateral in DeFi protocols on the BNB Chain.
Institutional investors outside America can register or exchange USYC for USDC almost in real-time. As of November 19, on-chain data shows a managed fund of 1.07 billion USD, although the product dashboard indicates over 1.2 billion USD. USYC provides a 7-day APY of 3.93%, with cumulative profits from token appreciation. BNB Chain was chosen due to its strong DeFi ecosystem and high speed. Access remains limited to institutional investors outside America who have completed KYC and are allowed wallets, in line with the trend of tokenizing Treasury bonds by 2025.
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