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Hashnote USYC

Hashnote USYC

Live
Tokenized Assets71

Yield-bearing token backed by US Treasury securities, issued on Canton

Upvotes

345

Views

3,365

Score

71

Algorithm Analysis: Hashnote USYC

71/100
Activity73/100
Maturity76/100
Community73/100
Transparency76/100
Documentation58/100

Hashnote USYC is a promising stablecoin project that provides institutional investors with on-chain access to US Treasury yields, showcasing a well-defined utility and regulatory compliance. While the project is live and has secured funding, it would benefit from improved documentation and clearer community engagement to enhance its visibility and adoption in the DeFi space.

Last analyzed: Apr 14, 2026

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Hashnote USYC on Canton

USYC: yield-bearing tokenized US Treasury MMF. First tokenized MMF on Canton with built-in privacy (Oct 15, 2024). Issued by Hashnote (acquired by Circle Jan 2025). Among first apps approved by GSF.

About Hashnote USYC

Hashnote USYC is a yield-bearing token backed by short-duration US Treasury securities and repo agreements. Issued on Canton Network, it provides institutional investors with on-chain access to Treasury yields.

Features

What the product does

US Treasury Yield

Provides on-chain access to US Treasury yields through tokenized short-duration securities

USYC Token

Yield-bearing token that accrues interest from underlying Treasury securities and repos

DeFi Composability

USYC can be used as collateral and integrated across DeFi protocols

Institutional Grade

Regulated structure designed for institutional investors seeking on-chain Treasury exposure

Hashnote USYC Team

LM

Leo Mizuhara

CEO & Founder

Hashnote USYC FAQ

USYC (US Yield Coin) is a yield-bearing token backed by short-duration US Treasuries and repo agreements, providing on-chain access to government security yields.
USYC generates yield from the interest earned on underlying US Treasury bills and repurchase agreements held in the fund.
Hashnote is based in Grand Cayman and operates under a regulated framework for digital asset fund management.

Connected Projects

Hashnote was founded in 2022 by Leo Mizuhara (Founder/CEO), formerly head of Systematic Trading for FICC Options at DRW. The company was incubated with $5M from Cumberland Labs, the blockchain incubator launched by partners of DRW. On January 21, 2025, Circle Internet Group announced its acquisition of Hashnote alongside a strategic partnership with DRW. At acquisition, USYC was the largest tokenized treasury and money market fund globally with ~$1.52B AUM. Hashnote now operates as a Circle company, and USYC has become a strategic complement to USDC within Circle stablecoin and tokenized cash ecosystem. On the Canton Network, USYC launch was coordinated with Digital Asset and the Global Synchronizer Foundation.