Circle shifts USYC fund into Treasury bills maturing within six months

Circle announced the shift on November 9. It did not disclose the fund’s updated weighted average maturity or current yield, or what share of its assets had moved into Treasury bills. Circle’s product information says the bills can mature in up to six months.

The new holdings change the fund’s investment exposure, not its basic access arrangements. Treasury bills generate returns through the difference between their purchase price and face value at maturity. Investors can lock in the yield available when they buy, but prices may move before maturity as interest rates change; longer maturities generally bring greater interest-rate exposure.

USYC represents shares in Hashnote International Short Duration Fund Ltd., a Cayman Islands registered mutual fund. Circle International Bermuda Limited is the token administrator under a Bermuda Monetary Authority digital asset business license. Unlike USDC, USYC is a yield-bearing investment product: returns accrue through changes in the token’s price rather than separate interest payments.

Circle says redemptions within available instant-redemption capacity can settle onchain within one block. Larger requests generally settle the same or next business day, with separate liquidity arrangements also available. The minimum investment is $100,000. Listed standard subscription and redemption fees are 0.04% and 0.03%; they are waived on the first $1 million in qualifying combined daily volume. A 10% performance fee applies to yield. Access is limited to eligible non-U.S. persons, and supported networks include Ethereum, Solana, BNB Chain, NEAR, Canton and Arc.

USYC remains available to eligible institutional investors as collateral for derivatives positions. A Binance integration reported in July 2025 allowed eligible customers to use it as off-exchange collateral. Circle’s latest announcement did not say whether the portfolio change affects collateral valuations, margin requirements or arrangements at trading venues.

Circle acquired Hashnote in January 2025. The fund began operating in January 2023, and Circle reported about $313 million in assets under management as of October 27, 2026.