USYC's Underlying Fund Shifts Into Longer-Duration T-Bills

Circle noted that the fund underlying USYC — the tokenized money market fund issued by Hashnote — has moved from predominantly overnight reverse repo into longer-duration U.S. Treasury Bills. The token, the issuer, and the USDC-denominated subscribe and redeem flows are all unchanged.

• USYC remains the onchain representation of the Hashnote International Short Duration Yield Fund, so this is a change to the fund's composition, not the token mechanics
• Circle's post directs holders to its USYC page for details on the updated portfolio

Circle positions USYC as a yield-bearing, dollar-denominated asset available through the same USDC flows investors already use.