Circle Internet Group, Inc., a financial technology firm and a stablecoin market participant, was reportedly 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 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 “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.”
Jeremy Allaire, Co-founder and CEO of Circle said:
“Bermuda is the natural choice as regulator and home for USYC and our tokenised money market operations. 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.”
Dante Disparte, Chief Strategy Officer and Head of Global Policy & International Operations at Circle, said:
“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. Working in close collaboration with the Bermuda Monetary Authority, we look forward to growing our longstanding platform in Bermuda.”