Circle has acquired Hashnote, the creator of the largest tokenized money market fund. This acquisition aims to simplify the transition between cash and yield-bearing assets. Circle, known for its USDC stablecoin, is exploring ways to bring real-world assets on-chain, with a focus on tokenized Treasurys and money market funds. Hashnote's USYC US Yield Coin, linked to its Short Duration Yield Fund—which holds short-term T-bills—currently accounts for about half of the tokenized Treasurys market with $1.5 billion in assets. Circle's CEO, Jeremy Allaire, emphasized the goal of enabling market participants to use yield-bearing collateral as cash seamlessly. This collaboration is part of a broader effort to incorporate crypto's proficiency into traditional finance, potentially lowering costs and enhancing efficiency. Circle is also partnering with trading firm DRW and plans to deploy USDC on the Canton public blockchain, aiming to bridge conventional finance with blockchain technology and catalyze institutional interest in emerging use cases.

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