Circle Internet Group, Inc.

Circle Internet Group, Inc., the company behind the $58 billion USDC stablecoin, announced on Thursday its plans to bring the recently acquired Hashnote Tokenized Money Market Fund (TMMF) under Bermuda’s regulatory oversight. The fund, managing nearly $1 billion in assets, will be integrated into Circle’s existing Digital Assets Business Act (DABA) license, as per a press release.

Hashnote issues USYC, the largest tokenized money market fund, according to rwa.xyz data. By merging USYC with USDC, Circle aims to facilitate seamless transitions between a yield-bearing asset and one of the most widely utilized stablecoins, enhancing USYC’s collateral viability on exchanges, custodians, and prime brokers.

Circle CEO Jeremy Allaire emphasized Bermuda’s pivotal role in digital asset regulation, describing it as a “natural choice” for USYC operations. The Bermuda Monetary Authority (BMA) granted Circle a comprehensive license in 2021, allowing the firm to establish a presence in the jurisdiction.

“Digital financial products like USYC and USDC are strengthening Bermuda’s digital connectivity and our leadership in international business markets,” stated David Burt, Premier of Bermuda.