Circle, the creator of stablecoin USDC (USDC), announced on March 13 plans to bring its Hashnote Tokenized Money Market Fund (TMMF) under Bermuda regulatory oversight through the company’s existing Digital Assets Business Act (DABA) license.
Hashnote, which Circle acquired in January 2025, is the issuer of USDY, the largest tokenized treasury and money market fund with a total value locked (TVL) of $900 million, according to DefiLlama. The fund’s TVL has fallen from $1.9 billion as of Jan. 7.
Hashnote USYC TVL over time. Source: DefiLlama
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According to the announcement, Circle intends to fully integrate USDY with USDC, which would allow for access between the TMMF and the stablecoin. The company believes that