Crypto firm Circle acquired Hashnote, the issuer of the $1.3 billion USYC tokenized money market fund, to bring yield-bearing collateral into its flagship stablecoin USDC. The acquisition highlights the growing trend of tokenization in crypto and its synergy with stablecoins. Circle also partnered with Cumberland DRW to provide liquidity for USDC and USYC and announced plans to deploy USDC on the Canton Network for real-world asset transactions.
Circle also said it will bring the $48 billion USDC stablecoin to the Canton Network and struck a partnership with crypto market maker Cumberland DRW to provide liquidity for USDC and USYC tokens.Crypto firm Circle acquired Hashnote , the issuer of the $1.3 billion tokenized money market fund USYC , in a push for yield-bearing collateral.
Circle also struck a deal with Cumberland DRW to facilitate liquidity and settlements for USDC and USYC, and said it will bring USDC to the institutions-focused Canton Network. The companies closed the deal this morning, a Circle spokesperson told CoinDesk and was announced in Davos, Switzerland during the annual World Economic Forum meeting. The companies didn't reveal pricing details.
"This is a huge unlock for a market that is increasingly being driven by institutional adoption, and where participants increasingly expect market structures that are common in TradFi,” Allaire said.a year ago to go public, and the crypto industry widely expects the public share offering to happen later this year.The acquisition underscores the synergies between two of the hottest trends in crypto: stablecoins and tokenization.
STABLECOINS TOKENIZATION CIRCLE HASHNOTE USDC USYC CANTOR NETWORK
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