Circle Internet Group, Inc., the entity behind the $58 billion USDC stablecoin, announced on Thursday its intention to bring the recently acquired Hashnote Tokenized Money Market Fund (TMMF) under the regulatory framework of Bermuda. This fund, which oversees nearly $1 billion in assets, is set to be integrated with Circle’s existing Digital Assets Business Act (DABA) license, as stated in a press release.
Hashnote is responsible for issuing USYC, recognized as the largest tokenized money market fund, according to data from rwa.xyz. By integrating USYC with USDC, Circle aspires to facilitate smooth transitions between a yield-bearing asset and one of the most utilized stablecoins while enhancing USYC’s appeal as a collateral option across exchanges, custodial services, and prime brokers.
Circle’s CEO, Jeremy Allaire, noted Bermuda’s significant role in the realm of digital asset regulation, describing it as a “natural choice” for USYC’s operations. The Bermuda Monetary Authority (BMA) initially issued Circle a comprehensive license back in 2021, and the company has since established a continued presence in the region.
“Digital financial instruments like USYC and USDC are bolstering Bermuda’s digital connectivity and enhancing our leadership in international business markets,” remarked Bermuda’s Premier, David Burt, in a statement.