Lead · Project Encyclopedia
USDC was born unable to pay yield — a structural gap in the stablecoin model. Circle spent an acquisition buying USYC to fill exactly that hole.
Nathan Ford
·
August 29, 2026
Circle, issuer of the world's second-largest Stablecoin USDC, announced its acquisition of Hashnote in January 2025 — acquiring what was then the world's largest Tokenized Money Market Fund, USYC, in one move, alongside a strategic partnership with DRW (via its Cumberland arm), one of the world's major market makers. On the surface, this acquisition looks like a product-line expansion. But...