Plans leverage Circle’s long standing comprehensive licensing from the Bermuda Monetary Authority
Circle Internet Group, Inc., a global financial technology firm and a stablecoin market leader, was the first firm in the crypto market to receive comprehensive licensing under the Bermuda Monetary Authority (BMA) in September, 2021 through its regulated subsidiary, Circle International Bermuda Limited. Building on that long standing operational relationship, Circle intends to bring its newly acquired Hashnote Tokenized Money Market Fund (TMMF), under its existing Digital Assets Business Act (DABA) License.
Hashnote is the issuer of USYC, the largest tokenized treasury and money market fund in the world, with almost $1B deployed into USYC as of March 6, 2025. Circle intends to fully integrate USYC with USDC, offering seamless access between TMMF collateral and USDC, one of the world’s most popular stablecoins issued through the regulated entities of Circle. This will enable USYC to emerge as a preferred form of yield-bearing collateral on crypto exchanges, and also with custodians and prime brokers.
“Bermuda is the natural choice as regulator and home for USYC and our tokenized money market operations,” said Jeremy Allaire, Co-founder and CEO of Circle. “The Bermuda Monetary Authority offers a forward-thinking regulatory environment that fosters trust, compliance and transparency in the digital asset space.”
The Hon. E. David Burt, JP, MP, Premier of Bermuda, said: “Circle’s continued commitment to Bermuda demonstrates our successful approach to providing regulatory clarity for innovative financial services. Digital financial products like USYC and USDC are strengthening Bermuda’s digital connectivity and our leadership in international business markets. Following this news, the Government of Bermuda looks forward to seeing more innovative opportunities arise through Circle’s initiatives in Bermuda, highlighted by their upcoming participation in the Inaugural Bermuda Digital Finance Forum this spring.”
"As one of the world's leading jurisdictions for underwritten financial innovations, from insurance to capital markets and digital assets, Bermuda is the perfect jurisdiction from which to build our latest product offering,” said Dante Disparte, Chief Strategy Officer and Head of Global Policy & International Operations at Circle. “Working in close collaboration with the Bermuda Monetary Authority, we look forward to growing our longstanding platform in Bermuda.”
Disclaimer
Information about Hashnote’s advisory services and USYC is directed only to individuals and entities who are not US Persons, as defined in Regulation S under the Securities Act of 1933.
About Circle Internet Group, Inc.
Circle is a global financial technology firm that enables businesses and developers to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. Through its regulated affiliates, Circle is the issuer of USDC and EURC – fully reserved stablecoins accessible as open money protocols on the internet. Circle’s platform offers enterprise-grade APIs and SDKs to make it faster, easier, and safer for organizations to run internet-scale businesses on the blockchain, whether it is making international payments, building globally-accessible Web3 apps, or managing internal treasury. Learn more at https://circle.com.
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