Oh, the times, they are a-changin’! Circle, the outfit behind the stablecoin USDC$1.0024h volatility:0.0%Market cap:$48.51 BVol. 24h:$20.42 B, has gone and bought itself Hashnote, the kingpin of tokenized real-world assets (RWA). They’re after Hashnote’s tokenized money market fund, too!
Hashnote, nestled in the windy city of Chicago, has cooked up a storm with its $1.3 billion US Yield Coin, the biggest tokenized U.S. Treasury product you ever did see. With bigwigs like DRW Holdings and Cumberland egging them on, Hashnote’s joining forces with Circle is like adding a cherry on top of a blockchain sundae.
According to a January 21 tall tale, Circle aims to blend USYC with its pride and joy, USDC, making it easier than ever to switch between cold hard cash and yield-bearing blockchain baubles. It’s all part of their grand scheme to dominate the $200 billion stablecoin market. Ambitious, ain’t it?
Circle’s hollerin’ from the rooftops ’bout their acquisition of Hashnote and USYC Tokenized Money Market Fund.
This here move, coupled with a cozy partnership with DRW and the promise of USDC on the Canton Network, is set to shake things up…
— Circle (@circle) January 21, 2025
Jeremy Allaire, one of Circle’s founding fathers, spilled the beans on this “huge” leap towards mashing TradeFi with blockchain’s transparency and efficiency. The amount of dough they swapped for Hashnote? Well, that’s a secret wrapped in an enigma, folks.
To make a bigger splash, Circle’s also buddying up with Cumberland to jazz up liquidity and make settlements for USDC and USYC smoother than silk. They’re aiming to make USYC the belle of the ball on exchanges and custodial platforms.
Tokenized RWA Market
Tokenized RWAs, like them fancy treasury bills and money market funds, are all the rage as the latest, greatest trading collateral. They’re like a golden goose that lays eggs while you’re not looking, offering a heap more interest than your average fiat or stablecoin-backed trades. A report by Boston Consulting Group, Aptos Labs, and Invesco predicts this market could balloon to $600 billion by 2030. Hot dog!
Not to be outdone, Circle’s arch-nemesis, Tether, is dipping its toes into the tokenization pond too. The crypto biz is a battlefield, and everyone’s vying for a piece of the tokenization pie.
Circle’s also cooking up a storm by plonking USDC on the Canton Network, a blockchain playground for financial institutions dealing with RWA transactions. This move’s bound to keep the money flowing like a river between cash and collateral, bridging the gap between decentralized and old-timey financial markets.
Circle’s been on a roll, let me tell you. In 2024, they saw a 78% jump in USDC’s circulation. With a market cap of $48.8 billion, it’s nipping at the heels of Tether’s $138 billion USDT. And while USDC doubled its market cap in a year, USDT’s growth? A mere 46%. Eat your heart out, Tether!
Read More
- IMX PREDICTION. IMX cryptocurrency
- The Beauty Cast Adds Rebecca Hall to Ryan Murphy’s FX Series
- Skeleton Crew Episode 4 Ending Explained: What Happens to Neel?
- How Much Did Taylor Swift’s Eras Tour Contribute to the US Economy?
- What Happened to Richard Perry? ‘You’re So Vain’ Music Producer Passes Away
- Old Guy Trailer Sets Release Date for Christoph Waltz Action Comedy
- Why Is ‘Vexbolts Mass Unfollowing’ Trending on TikTok & What Did He Do?
- Black Ops 6 needs to add this key feature to curb-stomp cheating
- The Handmaid’s Tale Season 6 Features ‘A Lot’ of Deaths
- Shoresy Season 4 Release Date Set for Hulu Comedy’s Return
2025-01-21 21:57