USYC — Circle’s tokenized money market fund (TMMF) — is now available on Solana. This adds a high‑performance chain to the networks where eligible institutions can subscribe, redeem, and use USYC in onchain applications.
USYC is the onchain representation of shares in a professionally managed, short‑duration US government money market fund that can be redeemed to and from USDC in real time. Now, USYC is available on the Solana blockchain in addition to currently supported blockchains like Base, Canton, Ethereum, and NEAR (and BNB Chain planned in the near future).
Note: USYC is available only to eligible non‑US institutional investors and requires successful onboarding and wallet allow‑listing.
Why Solana?
Solana’s design features are engineered for low-latency transaction confirmations and high throughput. Programs and tokens on Solana are composed via the Solana Program Library (SPL), enabling deterministic settlement and granular account‑level control. Bringing USYC to Solana makes these primitives available for compliant, yield‑bearing collateral.
What you can build with USYC on Solana
Digital asset ecosystem participants on Solana can incorporate USYC as a tokenized money market fund (TMMF) across a range of use cases:
- List USYC as a borrow/lend asset on lending protocols: Listing USYC in lending markets enables suppliers to earn the fund’s underlying yield while providing liquidity, and may enable borrowers to experience lower net interest costs because posted collateral continues to accrue yield.
- Accept USYC as margin collateral on perpetual DEXs: Accepting USYC as margin collateral on derivatives venues can enable posted collateral to continue to accrue yield during trading activity.
- Deploy USYC into automated yield vaults: USYC can be used as a base asset inside automated vaults that layer programmatic strategies on top of the fund’s daily price updates.
When building with USYC, teams typically integrate an oracle that reports price per share (i.e., principal plus interest), align liquidation and funding logic to the fund’s daily pricing cadence, and design around near-instant‑redemption capacity. Eligibility controls remain in force on Solana, so deposits and withdrawals should enforce onboarding status and wallet allow‑listing.
USYC can’t be used anywhere in DeFi like other tokens. Anyone who wants to use USYC has to pass KYC checks, which means USYC can only work in permissioned environments. If a DeFi protocol is not configured as such, more development work will be needed to enable USYC compatibility.
Keep in mind that these approaches are descriptive, not prescriptive, and implementations should reflect each protocol’s risk, liquidity, specific use case, and eligibility requirements.
Integration basics on Solana
Below you will find steps to integrate USYC on your Solana app. Note: integration alone may not be sufficient depending on your use case and jurisdiction. Developers may need to be qualified first prior to onboarding USYC.
- Implement token and custody flows using the SPL Token-2022 program, then confirm that only eligible, allow‑listed wallets can deposit and withdraw. If your program manages custody, you can also block non‑eligible transfers in the program logic.
- Next, integrate the USYC price‑per‑share feed (i.e., principal plus interest) and use it to drive interest accrual, risk parameters, and liquidation logic. Plan around liquidity behavior: onchain redemptions up to the instant‑redemption capacity typically complete within a block, while larger amounts generally settle T+0 or T+1, so design operations and buffers with that in mind.
- Finally, align any rebase, settlement, or funding mechanics to the fund’s pricing cadence, which is reported once per business day after brokerage reconciliation.
Benefits of using USYC in your Solana app
USYC functions as programmable, yield‑accruing collateral because accrual occurs via the token price, removing the need for separate reward claims. Near‑real‑time redemptions into USDC support operational liquidity and simplify collateral rebalancing. Onchain price reporting and supply improve transparency and make state easy to audit. Eligibility controls — including investor onboarding and wallet allow‑listing — support restricting flows to eligible participants.
Getting started
To get started with USYC on Solana, first review the product details and eligibility requirements, then contact our team to request access. Once your institution is approved and onboarding is complete — including KYC/AML and wallet allow‑listing — integrate the SPL-22 token, connect to the USYC price‑per‑share oracle, and implement eligibility checks within your program logic. Refer to the developer documentation for contract addresses, oracle endpoints, and reference examples.
USYC is a digital asset token. Each USYC token serves as a digital representation of a share of the Hashnote International Short Duration Fund Ltd. (the “Fund”), a Cayman Islands registered mutual fund. The Fund has appointed Circle International Bermuda Limited (“CIBL”), a Bermuda Monetary Authority licensed digital asset business, as its token administrator, responsible for the management of USYC on behalf of the Fund. As used herein, the term “near-instant” and “always” is intended to signify that, under ordinary operating conditions, redemption requests are filled on a near-real-time basis, subject to factors including, without limitation, blockchain network congestion and the Fund’s then-current liquidity position.
Shares of the Fund and USYC are only available to non-U.S. Persons, as defined under the Securities Act of 1933, as amended. Additional eligibility restrictions may apply. The information provided herein is solely for educational and informational purposes and should not be construed as an offer to sell or a solicitation of an offer to buy any security, financial instrument, or other product.
