Circle Internet Financial has acquired Hashnote, the issuer of US Yield Coin (USYC), combining the second-largest stablecoin issuer with the largest onchain money fund. This acquisition aims to make USYC a preferred form of yield-bearing collateral on cryptocurrency exchanges and with custodians. Hashnote's USDY leads the market in tokenized money funds with a total value locked of approximately $1.25 billion. Circle's USD Coin (USDC), which has a market capitalization of about $48 billion, is the second most popular stablecoin after Tether, as it has been gaining traction amidst regulatory scrutiny of Tether. The total market opportunity for tokenized real-world assets (RWAs) is around $30 trillion. Major competitors to Hashnote's USDY include the BlackRock USD Institutional Digital Liquidity Fund and Franklin OnChain US Government Money Fund, with respective total values locked of about $630 million and $525 million.

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