Ethereum
Base
USYC is the on-chain representation of the Hashnote International Short Duration Yield Fund, invested in reverse repo and US government securities. Acquired by Circle in 2025, USYC pairs native convertibility with USDC and serves as preferred yield-bearing collateral on major derivatives venues.
Circle-owned tokenized yield fund powering yield-bearing collateral.
Prism analyst note
USYC's edge is convertibility: Circle ownership gives it a near-native bridge to and from USDC, making it the working-capital treasury token of choice for trading firms. TVL is cyclical: it swells when perp-market basis trades are attractive and shrinks when they are not, so headline AUM should be read as trading-desk demand rather than sticky savings. Overnight repo composition keeps duration risk near zero.
Generated from issuer disclosures and reviewed against the sources listed below. Not investment advice.
Structure & compliance
- Underlying
- Overnight reverse repo, US Treasury bills
- Legal structure
- Cayman regulated mutual fund (feeder), token = fund share
- Jurisdiction
- Cayman Islands
- Custodian
- BNY Mellon / prime brokerage arrangements
- Administrator
- NAV Consulting
- Oracle / NAV source
- Hashnote/Circle NAV publication
- Reserve information
- Substantially all assets in overnight reverse repo and short T-bills; NAV published daily; near-instant USDC convertibility.
- Transfer restrictions
- Restricted to KYC-verified non-US eligible investors.
- Investor eligibility
- Non-US persons (Reg S)
- KYC required
- Yes
Reserve verification
Contracts & on-chain data
Addresses shown only where independently confirmed against explorers and issuer documentation. Holder and transfer analytics are available via the linked explorers. 250+
Documents & disclosures
Frequently asked
Why did TVL fall from its 2025 peak?+
USYC AUM tracks demand for yield-bearing exchange collateral, which contracted as funding-rate trades compressed after Q1 2025.
