Key Points:
- Circle Internet Financial has acquired Hashnote, a leading tokenized treasury platform, to integrate USYC with USDC.
- Circle issued native USDC on the Canton blockchain, which supports $3.6 trillion in tokenized real-world assets.
Circle Internet Financial, the No.1 issuer of stablecoins, announced its plan to purchase Hashnote, which is also the largest in tokenized treasury, on Tuesday.
Read more: Circle And Binance Announce A Strategic Partnership To Boost USDC
Circle Internet Financial Expands Market Reach with Hashnote Acquisition
The announcement Tuesday arrived as Donald Trump was sworn into office for the second term as President of the United States.
The largest issuer of tokenized Treasuries is Hashnote’s flagship product, the US Yield Coin (USYC), which boasts $1.3 billion in tokens issued to date and far exceeds competitors such as BlackRock’s BUIDL.
Circle is now integrating USYC with its stablecoin USDC, making for seamless trading between the two. This should solidify USDC’s standing in the stablecoin market, where USDC lags behind Tether’s (USDT) market share.
New Partnership Enhances Circle’s Tokenized Finance Ecosystem
Circle Internet Financial, in a separate, announced that it had entered into a collaboration with Cumberland, the crypto division of DRW Holdings LLC, which was one of Hashnote’s first investors.
Circle also announced the native USDC issuance on the Canton blockchain, which is a layer-1 blockchain network that has enabled the tokenization of more than $3.6 trillion of real-world assets. The company pointed out existing support from well-known banks, trading firms, asset managers, and exchanges.
The acquisition and blockchain developments come as Circle continues its efforts to expand USDC’s market share and compete with Tether. Last year, the company partnered with Binance to make USDC a central part of the exchange’s corporate treasury strategy. Circle’s ambitions also extend to going public, a step anticipated by many in the crypto industry within the year.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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