- Circle plans to integrate its $1B USYC fund using USDC under Bermuda’s regulatory structure.
- The USYC tokens from Hashnote function as the main earning assets for crypto exchanges and brokers.
- The digital asset regulations established by Bermuda enable Circle to advance its tokenized finance projects.
Circle Internet Group disclosed plans to submit their USDC stablecoin-issuing company under Bermuda Monetary Authority (BMA) oversight for Hashnote Tokenized Money Market Fund (TMMF). Through its Digital Assets Business Act (DABA) license the firm plans to incorporate the TMMF product as it continues its expansion of regulated services within Bermuda.
Hashnote has operated under Circle ownership since January 2025 and maintains a reputation for managing USYC which stands as the largest tokenized treasury and money market fund worldwide. As of March 6 2025 USYC demonstrated close to $1 billion in assets. The integration seeks to establish a unified connection between USYC and USDC that enables crypto exchange custodians and prime brokers to use flexible and yield-generating funds. The operation center decision made by the company in Bermuda supports the jurisdiction’s modern regulatory guidelines which govern digital assets.
Bermuda’s Strategic Role in Digital Asset Regulation
The global market positions Bermuda as a leader in digital asset regulation. Circle established operations in Bermuda in September 2021 after receiving thorough licensing from the Bermuda Monetary Authority. The country’s Digital Assets Business Act delivers an organized structure for business operations within the digital assets sector. Bermuda’s approach, which supports innovation, transparency and trust, strengthens the crypto industry.
The co-founder and CEO of Circle Jeremy Allaire, positively viewed Bermuda as an ideal location for USYC business operations. The country’s well-regulated framework was one of the main reasons Circle expanded its digital asset business under the BMA’s oversight. Bermuda Premier David Burt and his government supported Circle’s dedication to continuing its operations in the jurisdiction. According to government observations, Bermuda’s digital connectivity and position as a leader in global financial markets continue to grow due to the latest developments.
Future Prospects for Tokenized Financial Products
USYC connection to USDC creates opportunities that can transform the tokenized money market industry. Circle wants to establish USYC as the favored yield bearing collateral on global crypto exchanges by uniting the largest tokenized treasury fund with one of the most utilized stablecoins. The move will increase USYC’s liquidity and functionality resulting in better digital economy access to yield-bearing assets.
According to experts, the tokenization of real-world assets (RWAs) now represents a $30 trillion market. USYC and other similar products function as essential elements in this emerging domain. As a company operating in Bermuda, within its supportive regulatory framework and established presence, Circle has the position to lead the development of digital finance and asset tokenization for the future.