Hashnote US Yield Coin
USYCHashnote US Yield Coin (USYC) is a tokenized short-duration US Treasury product, now part of Circle, representing shares in a Cayman-domiciled fund holding T-bills and reverse repo. It offers daily yield accrual to permissioned institutional investors and has grown into one of the largest tokenized treasuries by assets. USYC scores 84/100 (Tier 2) on the RWTS Trust Score, strong on backing and verification, with Circle ownership adding distribution and credibility. The main constraints are permissioned access and reliance on the fund's redemption mechanics rather than open-market liquidity.
- Issuer / protocol
- Circle / Hashnote
- Jurisdiction
- Cayman IslandsCIMA mutual fund — qualified investors
- Backing
- Short-duration U.S. Treasury bills
- Redemption / lock-up
- Permissioned (institutional only)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Multi-chain
- Tier
- Tier 2 — Treasury & Fiat-Backed
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 3.07% sits at 14% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 3.07%. Actual returns may vary. Not financial advice.
Treasury-repo-backed; daily NAV; institutional access only for direct mint.
Methodology v1.0 · independent rating · published rubric · no issuer payments
Backed by short-duration U.S. Treasury bills; sovereign debt instruments.
Inherits Circle's Big Four (Deloitte) monthly attestation cadence; institutional-grade reserve verification.
Daily redemption to USDC at par for permissioned institutional holders.
Circle financial audit (Big Four); multiple SC audits inherited from USDC infrastructure; bug bounty program established for Circle products.
Circle is fully regulated; US state money transmitter licenses; NYDFS-recognized; Hashnote subsidiary registered investment advisor; clear US jurisdiction.
Originally launched 2023 by Hashnote, acquired by Circle Q1 2025; ~3 years from launch, no material incidents.
REDEMPTION_INSTITUTIONAL_ONLYUSYC is permissioned; access restricted to qualified institutional investors.
Caveats document operational realities that don't change the dimensional score but shape practical use.
Beyond USYC's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $3.11B indicates deep on-chain liquidity. Lock-up: Permissioned (institutional only).