Circle Shifts USYC Fund Into Longer-Dated Treasury Bills
Circle moves the fund behind its USYC tokenized money market product from overnight reverse repos into longer-dated U.S. Treasury bills.
Circle has shifted the underlying fund behind its USYC tokenized money market product from predominantly overnight reverse repurchase agreements into longer-dated U.S. Treasury bills, according to CryptoNews. The company announced the change on November 9, noting that USYC will retain its existing token, issuer, and USDC subscription and redemption processes.
Under its updated structure, the fund invests in U.S. Treasury bills with maturities of up to six months. Previously, the portfolio relied primarily on overnight reverse repurchase agreements. While longer maturities allow investors to retain yields until maturity, Treasury bill prices can fluctuate before maturity as market interest rates shift.
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Structure and Collateral Usage
USYC represents shares in the Hashnote International Short Duration Fund Ltd., a Cayman Islands registered mutual fund, following Circle's acquisition of Hashnote in January 2025. Circle International Bermuda Limited acts as the token administrator under a Bermuda Monetary Authority digital asset business license. As of October 27, 2026, published figures show USYC held approximately $313 million in assets under management.
The tokenized product requires a minimum investment of $100,000, with standard subscription and redemption fees of 0.04% and 0.03% respectively, which are waived on the first $1 million in qualifying combined daily volume. A 10% performance fee applies to the yield. The asset remains available for eligible institutional investors to use as collateral for derivatives trading positions, including integration with Binance.
Key facts
- Circle moved the USYC underlying fund from overnight reverse repos to U.S. Treasury bills with maturities of up to six months.
- Subscriptions and redemptions continue to use USDC with no changes to the token or issuer.
- USYC held approximately $313 million in assets under management as of October 27, 2026.
- The product requires a minimum investment of $100,000 and charges a 10% performance fee on yield.
Source: crypto.news
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