The company is growing its tokenized funds market activities in Bermuda, intending to combine USYC with its well-known stablecoin, USDC. This action will enable users to easily move money between the two. By connecting USYC with USDC, the company intends to give organizations a more versatile method to obtain cash while receiving returns from USYC’s fundamental assets, which include U.S. Treasury bills and other short-term investments.
USYC, released by Hashnote, represents a tokenized funds market fund holding almost $1 billion in assets as of March 6, 2025. Hashnote will bring its tokenized funds market fund under the company’s existing Digital Asset Business Act license with the Bermuda Monetary Authority.
The company has been operating under the regulatory structure of the Bermuda Monetary Authority since 2021. This growth could make USYC a key kind of security for crypto exchanges, custodians, and financial firms dealing with digital assets. Tokenized funds market funds operate similarly to traditional funds but exist as digital assets on a blockchain network. Security refers to assets promised by traders and organizations to support loans or financial transactions.
The company’s CEO, Jeremy Allaire, noted that Bermuda’s approach to digital asset regulation makes it a natural fit for the company’s growing tokenized funds market business. Because they exist in digital form, it is simpler for investors to purchase and sell shares of these funds.
The company is growing its tokenized financial services in Bermuda. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
