Hashnote

• Name: Hashnote
• URL: https://www.hashnote.com/
• Category: Tokenized Treasury and yield-bearing-collateral infrastructure / digital-asset asset manager / tokenized money-market platform
• Summary: Hashnote is a regulated asset-manager stack whose crypto-native edge is USYC, a yield-bearing Treasury and repo fund for institutional collateral and cash management. The point is not the token wrapper alone; it is the allowlisting, teller-based subscribe and redeem flow, entitlement controls, custody, and post-acquisition fit with Circle’s dollar rails.
• What it does:
  • Offers USYC, the onchain representation of Hashnote International Short Duration Yield Fund Ltd., holding short-duration U.S. Treasuries plus repo and reverse-repo positions
  • Supports institutional onboarding with KYC/AML, wallet screening, allowlisting, and eligibility restrictions for non-U.S. institutions
  • Lets eligible investors subscribe and redeem against USDC through a teller workflow, with 24/7/365 redemption described in the docs
  • Uses a permissioned ERC-20 model with entitlement roles, sanctions screening, and contract-level transfer restrictions
  • Positions USYC as yield-bearing collateral for crypto exchanges, custodians, and prime brokers, especially after Circle’s acquisition and planned deeper USDC integration
  • Presents additional product surfaces such as Harbor custody and other crypto investment strategies under the same broader asset-management platform
• Key claims:
  • Hashnote’s homepage describes the company as a regulated asset manager providing customizable digital-asset exposure with blockchain-based transparency and real-time audibility
  • The USYC docs say USYC is the onchain representation of Hashnote International Short Duration Yield Fund Ltd. and is available only to eligible institutions outside the United States with a US$100,000 minimum investment
  • The docs describe a workflow where onboarded investors subscribe with USDC, redeem back to USDC through the Teller, and receive pricing based on daily NAV reporting
  • Product-structuring and onboarding materials describe USYC as a permissioned ERC-20 whose holders and transferees must be allowlisted and entitled, with sanctions checks and other controls built into the system
  • Circle’s January 2025 acquisition announcement frames USYC as the largest tokenized money market fund at that time and emphasizes its use as preferred yield-bearing collateral across digital-asset markets
• Whitepaper: No classic standalone whitepaper or litepaper was found during this pass. The strongest primary materials were Hashnote’s official site, the USYC documentation corpus, and Circle’s acquisition announcement; see ../whitepapers/hashnote-primary-sources-2026-04-26.md.
• Sources:
  • https://www.hashnote.com/
  • https://usyc.docs.hashnote.com/sitemap.md
  • https://usyc.docs.hashnote.com/overview/introduction.md?ask=What%20is%20USYC%20and%20how%20does%20it%20work%3F
  • https://usyc.docs.hashnote.com/overview/introduction.md?ask=What%20primary%20docs%20describe%20subscription%2C%20redemption%2C%20smart%20contracts%2C%20and%20investor%20onboarding%20for%20USYC%3F
  • https://usyc.docs.hashnote.com/overview/introduction.md?ask=What%20does%20the%20USYC%20documentation%20say%20about%20pricing%2C%20redemptions%2C%20transfer%20restrictions%2C%20and%20who%20can%20hold%20the%20token%3F
  • https://www.circle.com/pressroom/circle-announces-acquisition-of-hashnote-and-usyc-tokenized-money-market-fund-alongside-strategic-partnership-with-global-trading-firm-drw

Internal linkages

• Strongest comparison points: openeden and circle-usdc.

• Useful when a yield-bearing dollar note is really an allowlisted collateral-and-cash-management stack rather than a free-floating token.

• Last reviewed: 2026-05-29 UTC