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Tokenized assets will eventually become the norm. But growth has been slower than expected, largely due to regulatory delays or political chicanery.
One area that needs rapid adoption is the tokenization of Money Market Funds, which are low-risk holdings of highly liquid assets that tend to provide a stable return to the holder. Yesterday, digital asset firm Apartment (NASDAQ:CRCL) claimed that they are now the largest in the market offering tokenized MMFs.
Circle’s MMF is the purchased USYC. Hashnote Surpassed its competitors by exceeding $2 billion in assets under management in 2025 BlackRock’s BUIDL is the world’s largest tokenized fund.
Reflecting shares in Hashnote International Short Duration Yield Fund Ltd., USYC’s yield is around 3.20% net of fees.
The fund invests primarily in short-term U.S. Treasury bills and reverse repurchase agreements backed by U.S. government securities.
Circle CEO Jeremy Allaire X commented:
“Tokenized treasuries and repo as collateral is a key emerging use case, and we’re proud of how quickly it’s growing. What’s particularly powerful about USYC is the ability to create and use it 24/7/365 using USDC and a smart contract teller. Real-time money and collateral is better.”
Since USYC is not yet available to retail investors, demand is expected to increase when this changes.
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