Circle acquires RWA issuer Hashnote, partners with DRW to enhance USDC liquidity
Circle acquires RWA issuer Hashnote, companions with DRW to strengthen USDC liquidity Circle acquires RWA issuer Hashnote, companions with DRW to strengthen USDC liquidity
The recent traits by Circle intention to enhance USDC utilization and its presence within the primitive market.
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Circle announced on Jan. 21 the acquisition of the tokenization company Hashnote, the issuer of the USYC token. Additionally, the corporate closed a partnership with the market maker DRW Cumberland to drive USYC and USD Coin (USDC) in crypto and primitive markets.
In conserving with rwa.xyz details, Hashnote’s tokenized money fund Hashnote Brief Duration Yield Coin is the largest within the arena, with over $1.2 billion price of tokens USYC issued on extra than one blockchain networks, collectively with Ethereum.
Circle aims to fully mix USYC with its USDC stablecoin to strengthen accessibility between tokenized money market fund collateral and the stablecoin market. The intention is to produce USYC the most effectively liked yield-bearing collateral on exchanges, custodians, and top brokers.
Jeremy Allaire, CEO and Chairman of Circle, talked about:
“As money and yield-bearing brief-length treasury bill resources change into fungible and convertible at blockchain speeds, this construction unlocks basic opportunities for institutional adoption and sets a recent fashioned for financial market structures.”
Circle furthermore partnered with DRW, a first-rate institutional crypto trader, by job of its subsidiary Cumberland to strengthen USDC and USYC liquidity.Â
USDC on Canton
As effectively as to the Hashnote announcement, Circle revealed the issuance of native USDC on the layer-1 blockchain Canton.
Circle talked about that Canton has issued over $3.6 trillion in tokenized real-world resources (RWA), as its infrastructure is already “primitive and supported by main primitive banks, trading firms, asset managers, and exchanges.”
Particularly, Circle has been attempting to produce USDC meet up with Tether USD (USDT), the largest stablecoin within the market. In December, the USDC issuer partnered with Binance to produce its stablecoin an crucial half of the substitute’s company treasury asset.
Additionally, Circle currently published a file revealing that USDC surpassed $20 trillion in all-time transaction volume and a 78% twelve months-over-twelve months whisper in circulation present.
Then over again, USDC restful has loads of floor to quilt. USDT dominates the stablecoin market with a virtually $141 billion present, an corresponding to 69% of the market. It amounts to over 3x the recent USDC present of $44.6 billion, in accordance to Artemis details.
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Gino Matos
Gino Matos is a law college graduate and a seasoned journalist with six years of abilities within the crypto substitute. His abilities basically focuses on the Brazilian blockchain ecosystem and traits in decentralized finance (DeFi).
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USD Coin (USDC) is a stablecoin fully backed by the US greenback and developed by the CENTRE consortium.
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the utilization of fiat currencies in a digital manner.
Circle
Circle Web Financial Ltd is a world web finance company, built on blockchain technology and powered by crypto resources.
Tether Restricted
Tether Restricted is the corporate that introduced Tether (USDâ® or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Binance
Binance is a world cryptocurrency substitute that provides a platform for trading bigger than 100 cryptocurrencies.
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