Surprisingly, the Assets Under Management (AUM) of Circle’s USYC, the Tokenized Money Market Fund (TMMF), increased from $150 million to $2.68 billion in just five months. USYC, currently the largest fund of its type, also posted an estimated net return increase of 3.18%.
For context, USYC was built by Circle for institutions to generate returns while keeping their funds easily accessible on-chain.
When did things turn around for Circle’s USYC?
However, BNB Chain becomes the key player here as around 95% of AUM resides on this blockchain network. A deeper look shows that the driving force behind this growth is November 2025.
Noting that Dune states,
This created a flywheel of demand that no other tokenized Treasury bill has matched.
Circle’s 2025 annual report shows USYC’s Assets Under Management (AUM) grew by approximately $592 million between November 1 and December 23, 2025. In less than two months, the fund grew from $948 million to $1.54 billion, making it the second largest Tokenized Money Market Fund (TMMF) in the world.
Thus, the expansion of the BNB chain with the addition of USYC Solana (Sun) He stepped up USYC’s game.
How did Binance Chain act as a catalyst?
Meanwhile, Binance Stablecoin reserves rose to $45.5 billion, thanks to a $2.5 billion increase in inflows in March.
This is a major trend reversal from Binance. stablecoin The reserve turned into an inflow from a three-month outflow of $7.6 billion.
Additionally, April also seems to be recording inflows as more than $1 billion in net inflows have already been recorded as per the latest update.
Circle’s USDC vs Tether’s USDT
It feels like Circle’s US Dollar It surpasses Tether USDT Additionally, Circle’s stock price was trading at $92.15 following a 2.09% rise.
All this comes on the heels of a recent update. Circle plans early foray into Post-Quantum Cryptography (PQC) reflects how security priorities are changing in the market.
Final Summary
- Circle’s USYC became the second largest TMMF after recording AUM of $2.68 billion.
- Binance acts as a catalyst, and stablecoin reserves rising to $45.5 billion also work as a positive playlist in the background.
