출처: Block Media
Circle Expands Tokenized U.S. Treasury Money Market Fund (USYC) to Solana Blockchain
Circle, renowned for its role as the issuer of stablecoins, has officially extended its tokenized short-term U.S. Treasury money market fund (TMMF), USYC, to the Solana (SOL) blockchain. A report from Cryptopolitan dated November 3rd highlights that USYC now offers real-time redemption for Circle’s USD Coin (USDC), a USD-pegged stablecoin. However, this innovative capability is currently reserved exclusively for non-U.S. institutional investors who have fulfilled Know Your Customer (KYC) compliance standards.
Why Solana?
The deployment of USYC onto the Solana blockchain signifies the fund’s latest expansion, which already includes availability on Ethereum (ETH) and BNB Chain (BNB), with NEAR and Canton Network integrations planned for the near future. Circle identified several compelling reasons for choosing Solana:
- Low-Latency Transaction Finality: Solana excels in ensuring rapid transaction settlements, enhancing efficiency for tokenized assets.
- High Throughput: The blockchain’s ability to handle a vast number of transactions simultaneously provides scalability critical for institutional operations.
- SPL (Solana Program Library) Framework: Solana’s SPL structure facilitates deterministic settlement and advanced control over account-level operations, qualities that Circle considers crucial for managing tokenized assets effectively.
USYC’s integration with Solana brings numerous benefits for users. In lending and borrowing markets, USYC can be utilized as collateral, offering liquidity provision while earning yields, which effectively reduces net interest expenses. Moreover, traders can pledge USYC as margin collateral for perpetual derivatives trading (Perp DEX), enabling ongoing interest accrual during active operations. Automated yield vaults can also use USYC as a foundational asset by leveraging daily price updates to drive strategy-based activities.
Despite these advantages, Circle stressed the importance of compliance. Developers seeking to integrate USYC must meet stringent eligibility criteria, aligning with regulatory and functional requirements. Additionally, deposits and withdrawals are confined to eligible wallets operating under Solana’s SPL Token-2022 program. This restricted framework strengthens security by blocking unauthorized transactions and enabling advanced features such as interest accrual, price feed-based liquidation logic, and robust risk management protocols.
Circle also emphasized that USYC accrues interest automatically, eliminating the need for users to go through complicated reward-claiming processes. The fund’s yield-bearing structure seamlessly integrates with real-time USDC redemption, simplifying liquidity management and collateral rebalancing for institutional users.
Strategic Integration with Hashnote
Earlier this year, Circle made a strategic acquisition by acquiring Hashnote, the issuer of USYC, in January. This move aims to deepen the connection between USYC and USDC while positioning USYC as a versatile, yield-generating collateral asset for institutional adoption.
Circle CEO Jeremy Allaire shared his vision, stating, “Circle, which revolutionized cash systems, is now pioneering in tokenized money markets. The ability to exchange cash and short-term treasury assets at blockchain and crypto capital market speed represents a pivotal shift in the financial system.” Hashnote CEO Leo Mizuhara added, “The combination of USDC and USYC will accelerate adoption significantly, driving forward the future of tokenized finance.”
Market Response and Industry Outlook
USYC has emerged as a significant player in the tokenized treasury market. According to data from RWA.xyz, USYC ranks as the fifth-largest tokenized treasury product globally, commanding a market capitalization of $634 million. The broader tokenized treasury ecosystem has experienced exponential growth, surpassing $8 billion in market value, a surge largely attributable to robust institutional demand.
Investment bank JPMorgan has identified yield-bearing stablecoins, such as USYC, as central to the expansion of this sector. Nikolaos Panigirtzoglou, Managing Director at JPMorgan, noted, “Tokenized treasury products have the potential to capture up to half of the stablecoin market in the long term. As traditional stablecoins fail to provide direct yields, tokenized money market funds are poised to take the lead and redefine the landscape of institutional finance.”
Conclusion
Circle’s expansion of USYC to Solana represents a transformative step in blockchain-interconnected finance, enhancing liquidity options, yield opportunities, and compliance-driven security for institutional investors. With tokenized money markets gaining traction globally, and USYC situated as a pivotal asset in this evolution, Circle’s strategic advancements continue to set the pace for innovation in digital finance. As demand for tokenized treasury products grows, the fusion of accessibility, efficiency, and yield potential positions USYC and Circle’s broader ecosystem as leaders in the next era of decentralized financial solutions.
