Add as a preferred source on GoogleCircle Shifts USYC Fund Toward Longer-Duration Treasury Bills
The fund’s bills can mature in up to six months, while USD Coin (USDC) subscription and redemption flows remain unchanged.
Circle said Nov. 9 that the fund behind USYC moved from being predominantly invested in overnight reverse repo to longer-duration U.S. Treasury bills, with its USDC subscription and redemption flows unchanged.
“Same token. Same issuer. Same subscribe and redeem flows in USDC,” Circle wrote. The company did not provide an updated weighted average maturity, current yield or the share of the portfolio allocated to Treasury bills.
USYC represents shares in Hashnote International Short Duration Fund Ltd. The fund invests in Treasury bills with maturities of up to six months. USYC is yield-bearing collateral for institutional use, with returns accruing through the token price.
The listed starting investment is $100,000, and USYC shares are available only to non-U.S. persons. The fund product is distinct from USDC, which is used for subscriptions and redemptions.
In an Oct. 9 snapshot of tokenized Treasury funds, USYC was valued at $2.403 billion, the largest listed product in a category with $14.95 billion in distributed value. The Oct. 9 snapshot placed USYC ahead of USDY, BUIDL and iBENJI.