Circle Acquires USYC Stablecoin Issuer Hashnote

round earned Hashnote, Liberator of the USYC stablecoin incubated at Cumberland Labs.

The company Office has partnered the deal Tuesday (Jan. 21), says Cumberland Labs is the world’s largest tokenized treasury and money market fund, with $1.52 billion sent to USYC last week.

According to a new release, Circle will integrate USYC with its USDC stablecoin, which will allow USYC to become a preferred form of yield-bearing collateral for crypto exchanges, as well as custodians and prime brokers.

“The integration of USYC and Hashnote on the Circle platform marks an important moment in the evolution of the stablecoin market, as cash and yield assets of short duration treasury bills can be used and converted at the speed of blockchains and crypto capital markets,” said. Jeremy Allairethe Circle’s chief executive.

“This is a huge opening for a market that is increasingly driven by institutional adoption, and where participants increasingly expect market structures. that is common to TradFi.”

According to the release, the acquisition is strengthened by a strategic partnership with throughis one of the largest institutional crypto traders through its subsidiary Cumberland.

“As the marquee products for its trading operation, Cumberland will expand its institutional level liquidity and settlement capabilities with USDC and USYC, if permitted,” Circle said. “Cumberland’s expertise and proprietary use cases will help drive innovation the use of these products for more efficient and smooth collateral management.”

Earlier this week, Allaire said he was looking forward to it that President Donald Trump Carry On move on to the new one cryptocurrency rulesand that he the administration hopes rolls back to the Securities and Exchange Commission’s Staff Accounting Bulletin 121.

This rule, the CEO argued, “This effectively makes it a penalty for banks and financial institutions and corporations even holding crypto assets on their balance sheets PAGE.”

As PYMNTS wrote recently, stablecoins are increasingly seen as a possible payment optionwhich bridges the gap between the world of crypto and traditional finance.

“Where stablecoins offer more benefits, customers will naturally gravitate towards them,” FV Bank CEO Miles Paschini told PYMNTS last week.

PYMNTS Intelligence research found that using cryptocurrencies for cross-border payments could be the winning use case that THE the industry is looking for with. the RESEARCH REVEALS shows blockchain-based cross-border solutions, in particular stablecoinsembraced by companies looking for better ways to transact and expand globally.