Tokenized assets will eventually become the norm. But growth has been slower than many predicted, largely due regulatory delays or political subterfuge.
One area that should see quick adoption is the tokenization of Money Market Funds, low risk holdings of highly liquid assets that tend to generate a stable return for holder. Yesterday, digital asset firm Circle (NASDAQ:CRCL) issued the claim they are now the largest in the market offering tokenized MMFs.
Circle’s MMF is USYC which was acquired from Hashnote in 2025, has now exceeded $2 billion in assets under management, surpassing competitor BlackRock’s BUIDL as the world’s largest tokenized fund.
The yield for USYC, which reflect shares in the Hashnote International Short Duration Yield Fund Ltd. is around 3.20% net of fees.
The fund primarily invests in short term U.S. Treasury bills and reverse repurchase agreements backed by U.S. government securities.
Circle CEO Jeremy Allaire commented on X:
“Tokenized treasuries and repo as collateral is a major emerging use case and we are proud of how quickly this has grown. What’s especially powerful about USYC is the ability to 24/7/365 create and redeem it using USDC and a smart contract teller. Real-time money and collateral is better.”
As USYC is not yet available to retail investors, once this changes, demand should jump.
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