Circle USYC (USYC) price and market data
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The asset does not yet meet the minimum market-cap and 24h-turnover thresholds for a reliable Vicalis signal.
USYC Markets
Coin profile
What You Need to Know About Hashnote USYC (USYC)
Hashnote USYC is an on-chain representation of shares in the Hashnote International Short Duration Yield Fund, not a stablecoin required to maintain a price of exactly $1. The fund is registered in the Cayman Islands and has appointed Circle International Bermuda Limited, which is licensed by the Bermuda Monetary Authority, as token administrator to manage USYC on the fund's behalf. The fund invests capital primarily in short-term U.S. Treasury bills and repo and reverse repo transactions, while permissioned on-chain tokens reflect the number of an investor's shares in the fund register; Ethereum uses ERC-20, and other supported networks use the corresponding token standards and permissioning mechanisms. USYC should therefore be evaluated through the fund's net asset value, its counterparty structure, and the holder's legal rights, rather than solely through the token's quoted blockchain price.
What it is used for
USYC gives verified investors on-chain access to a fund share: an approved address deposits USDC through the Smart Contract Teller, receives an amount of USYC corresponding to the number of shares purchased, and can redeem the tokens back into USDC. Only wallets with the required permissions may hold and transfer USYC, and token movements must be reflected in the shareholder register. Practical use is therefore measured through subscription and redemption volumes, available Teller liquidity, timely NAV updates through the oracle, and consistency between on-chain balances and the fund register.
What can move the price
- Changes in short-term U.S. dollar interest rates and in the net performance of the Treasury bill, repo, and reverse repo portfolio after fund expenses, which are gradually reflected in NAV per share.
- Subscriptions and redemptions by eligible institutional investors: these change USYC issuance and the depth of available liquidity, but depend on KYC/AML checks, jurisdictional restrictions, and access to USDC.
- The quality of the operational infrastructure, including timely transaction reconciliation, oracle price publication, and a sufficient USDC reserve for redemptions, determines how closely the market price tracks the calculated share value.
Key risks
- NAV may decline because of Treasury bill repricing, losses on repo transactions, or problems involving the prime broker, custodian, or other counterparties; short duration does not eliminate market and credit risk.
- Holder rights depend on the fund structure, its documents, the transfer agent, token administrator Circle International Bermuda Limited, and the accuracy of the share register, while the permissioning system can reject transfers or halt all operations; loss of eligibility or a regulatory restriction could prevent the token from circulating normally.
- The oracle price is updated after reconciliation on business days and may be delayed; a reporting or smart-contract error, as well as insufficient Teller or secondary-market liquidity, could cause a divergence from NAV and make it harder to exit into USDC.
What makes it different
Unlike a fiat-backed stablecoin, USYC is not designed to maintain a constant $1 price: USYC's reported price is calculated by dividing the NAV of the prime-broker account by the total number of USYC outstanding and reflects the net performance of the underlying portfolio. It also differs from freely transferable tokenized Treasury products because every holder must be verified, transfers are reconciled with the fund register, and operations can be halted system-wide; its yield profile is therefore inseparable from its permissioned and legal infrastructure.
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