Circle moves USYC fund into longer-dated US Treasury bills

Circle has moved the fund behind its USYC tokenized money market product from predominantly overnight reverse repos into longer-dated U.S. Treasury bills, leaving its token and redemption arrangements unchanged. Summary Circle moved USYC’s underlying fund from predominantly overnight reverse repos into longer-dated U.S. Treasury bills. USYC retains its existing token, issuer, and USDC subscription and redemption processes following the change. USYC remains available for eligible institutional investors to use as collateral for derivatives trading positions. Circle acquired Hashnote in January 2025, bringing the USYC tokenized money market product into its business. Circle announced the change on November 9, saying USYC will retain the same issuer, token, and subscription and redemption processes using USDC. The company did not provide the fund’s updated weighted average maturity, current yield, or the proportion of assets moved into Treasury bills. Circle’s USYC fund now holds longer-dated Treasury bills The change alters how the underlying fund invests its assets. Previously, the portfolio relied primarily on overnight reverse repurchase agreements, which generally involve lending...