Circle has made steps to bring its Hashnote Tokenized Money Market Fund (TMMF) under the regulation of Bermuda regulators.
The company is leveraging its existing Digital Assets Business Act (DABA) license in this process. The company is strengthening its regulatory framework and growing in Bermuda’s growing digital asset market through this move.
Circle was the first firm to receive a comprehensive license from the Bermuda Monetary Authority (BMA) in 2021. Its regulated subsidiary, Circle International Bermuda Limited, operates under this license.
The company now plans to bring Hashnote’s TMMF within the same framework, reaffirming its dedication to compliance and transparency. Hashnote, which manages USYC, has around $1 billion in assets as of March 6, 2025. It is the largest tokenized money market and treasury fund globally.
Circle integrates USYC with USDC
Circle aims to merge USYC with USDC in such a way that switching between the two is seamless. Merging the two would make USYC a go-to yield-generating collateral for crypto exchanges, custodians, and prime brokers.
Circle Co-founder and CEO Jeremy Allaire emphasized the appropriateness of Bermuda’s regulatory environment. In his view, Bermuda is the most naturally hospitable home for tokenized money market activity and USYC.
The BMA model encourages trust, compliance, and transparency, and is, therefore, a jurisdiction of choice for digital asset companies. Bermuda Premier E. David Burt praised Circle’s commitment to the sector. The presence of the company, he stated, reaffirms Bermuda as a leader in digital finance.
The government is expecting more innovation from Circle’s initiatives, especially with the upcoming Bermuda Digital Finance Forum. This agreement is Bermuda’s goal of positioning itself further as a global financial hub. These views were shared by Dante Disparte, Chief Strategy Officer at Circle.
Circle expands globally with Bermuda
He highlighted Bermuda’s long-standing reputation as a center for financial innovation. He was upbeat about the jurisdiction’s ability to support Circle’s latest product. The company will collaborate closely with the BMA to expand its product suite and ensure regulatory compliance.
Hashnote advisory services and information from USYC are solely for individuals and entities outside the U.S. The company is dedicated to creating digital currency and blockchain technology for worldwide payment and commerce.
It issues USDC and EURC, fully reserved collateral-backed stablecoins, through its regulated entities. These digital currencies function as open money protocols, ensuring stability and safety in cross-border transactions.
Circle’s recent move is a demonstration of the company’s emphasis on regulatory compliance, financial innovation, and global expansion. Expanding in Bermuda, the company leads digital finance with transparency and trust.
