what's Circle USYC?
USYC is a yield-bearing stablecoin issued by Circle International Bermuda Limited, regulated by the Bermuda Monetary Authority. It represents tokenized interests in a money market fund primarily invested in short-term U.S. Treasuries and cash equivalents, providing stability pegged to the U.S. dollar while accruing yield through token price appreciation. Holders can redeem USYC 1:1 for USDC onchain, enabling seamless integration into broader Circle ecosystem tools like CCTP for cross-chain transfers. Available on blockchains such as Solana and Ethereum, it supports institutional use cases like collateral in trading, with daily pricing updates via oracles and SPL-native compatibility for DeFi applications.
USYC will gain CCTP multichain support later in 2026, also noted for RWA outperformance.
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ethereum
Will be supported by Circle's Cross-Chain Transfer Protocol (CCTP) burn-and-mint model later in 2026, enabling multichain distribution and interoperability.
Expected to outperform in the RWA narrative during 2026 and beyond according to market observers.
Paid out $6.18M in yield over the last 30 days, ranking third among yield-bearing stablecoins by total yield distributed.
Binance's treasury holds 92% of all USYC supply and 99.97% of BSC supply as of March 2026.
Laser Digital holds approximately 3% of total USYC supply as of March 2026.
Usual's treasury holds approximately 2% of total USYC supply as of March 2026.
A Fireblocks address owns 1% of total USYC supply and 99.99% of Solana supply as of March 2026.
Deposits into USYC surpassed the previous high from January 2025.
Backed by short-duration Treasuries and fixed-income instruments, with yield reflected through the token's value appreciating over time rather than direct distribution.
Recent yield is approximately 3%.
TVL sits at $1.9B; circulating supply reached 2.14 billion.
Market cap of tokenized shares on Ethereum increased by 256.1% over the past month (ending March 3, 2026).
Increased TVL by 4.5% over 30 days while maintaining TVL above $1 billion.
Paid $12.14M in cumulative yield, representing 5.68% of total yield-bearing stablecoin yield payouts.
Integrated as an underlying product in Solv Protocol's Bitcoin-backed RWA Vault, developed in collaboration with Binance and BNB Chain for institutional access.
Became the largest euro-denominated stablecoin under MiCA regulation.
Gained traction as institutional-grade tokenized cash equivalent collateral with real-time settlement during 2025.
Received conditional national trust charter approval.
Completed IPO in 2025.
Became largest tokenized money fund with $2.7B AUM, up $800M YTD, overtaking BUIDL's $2B market cap. Functions as a native DeFi money market instrument alongside BUIDL and M0.
Received $643M inflows over 30 days, becoming the largest tokenized treasury product onchain, surpassing Securitize's BUIDL.
USYC achieves +737.7% market cap growth over the past month.
USYC integrates with Aave through Horizon for onchain collateral markets, expanding utility in the largest DeFi lending protocol with Aave becoming one of the first to enable USYC as collateral.
Surpassed $1.8 billion market cap on BNB Chain, up 30% YTD 2026, with 95% of AUM on BNB Chain.
Integrated with Binance in November 2025, enabling institutional clients to post USYC as yield-bearing collateral for derivatives; also integrates with BNB Chain, reaching over $900M onchain, supporting lending, margin, and vaults.
Posted Q3 revenue of $740M, up 60% YoY; plans Arc token with mainnet for 2026. Launches cirBTC, a tokenized Bitcoin product leveraging USDC, EURC, USYC infrastructure.
USYC goes live on Arc Testnet.
Ranked 6th fastest growing tokenized fund among funds with $100M-$1B in supply.
40% supply increase recorded over the past 30 days.
USYC goes live on Solana blockchain, expanding the tokenized US government money market fund to the Solana ecosystem with real-time USDC redemption functionality.
Fund currently manages $487M in tokenized bonds, part of concentrated market where 6 funds control 88% of assets.
USYC holds $487M in tokenized Treasury bonds, ranking as 5th largest holder in concentrated market of 6 major players.
USYC holds $487M in tokenized Treasuries, securing position as 5th largest holder in the market.
USYC holds $487 million in tokenized US Treasuries, ranking 5th among six entities controlling 88% of the market.