Circle Internet Group, Inc., the company behind the $58 billion USDC stablecoin, announced plans to bring its Hashnote Tokenized Money Market Fund (TMMF) under Bermuda’s regulatory oversight. The fund, managing nearly $1 billion in assets, will be incorporated into Circle’s Digital Assets Business Act (DABA) license, according to a press release.

Hashnote issues USYC, the largest tokenized money market fund, as reported by rwa.xyz data. By integrating USYC with USDC, Circle aims to facilitate seamless transactions between this yield-bearing asset and one of the most widely utilized stablecoins, boosting USYC as a collateral option across exchanges, custodians, and prime brokers.

Circle’s CEO, Jeremy Allaire, pointed to Bermuda’s prominent role in the realm of digital asset regulation, calling it a “natural choice” for USYC operations. The Bermuda Monetary Authority (BMA) first granted Circle a comprehensive license in 2021, with the firm maintaining a presence in this jurisdiction since then.

“Digital financial products like USYC and USDC are strengthening Bermuda’s digital connectivity and our leadership in international business markets,” Premier of Bermuda, David Burt, stated in a declaration.