Bermuda's Regulatory Framework Takes Center Stage as Circle Brings Hashnote TMMF to the Island
Expansion of Tokenized Finance through collaboration with Hashnote TMMF, a Bermuda-based entity.
In a sensational move, Circle Internet Group, the Dad behind the widely-used USDC stablecoin, has announced its plans to bring the recently-acquired Hashnote Tokenized Money Market Fund (TMMF) under Bermuda's regulatory oversight.
According to Thursday's press release, the Hashnote TMMF, which manages nearly $1 billion in assets, is set to be incorporated into Circle's Digital Assets Business Act (DABA) license in Bermuda. This decision is set to give users continued access to USYC as a trading collateral on DeFi platforms, with the added convenience of conversing assets into USDC for seamless settlements or transfers.
Circle's Appeal to Bermuda's Forward-Thinking Stance on Digital Assets
Founded by the brilliant minds behind USYC, the world's largest tokenized treasury and money market fund with approximately $1 billion deployed, Hashnote eagerly awaits its new home under Bermuda's watchful eye. Circle's acquisition of Hashnote earlier this year aimed to expand USYC's role as a collateral option for institutional investors, and its full integration with USDC will facilitate a smoother transition between tokenized money market collateral and digital currency settlements.
Jeremy Allaire, Circle's charismatic co-founder and CEO, praised Bermuda's regulatory appeal, citing the Bermuda Monetary Authority's (BMA) supportive stance on digital assets like USDC. "Bermuda is the natural choice as regulator and home for USYC and our tokenized money market operations," Allaire excitedly commented.
Bermuda: A Haven for Digital Assets and Stablecoins
Bermuda's progressive approach to digital assets makes it an attractive destination for companies like Circle. By incorporating the Hashnote TMMF under its DABA license, Circle joins other major asset managers capitalizing on the growing market for tokenized financial instruments.
This move reflects a broader industry trend of bringing real-world assets onto blockchain networks, particularly tokenized treasuries and money market funds. As more players enter the market, the landscape of digital assets and stablecoins like USDC is set to evolve and expand.
Stay tuned for updates on Circle's expansion, as well as more insights into the world of digital assets, blockchain, and cryptocurrency.
- Evolution of Digital Assets: From Stablecoins to Tokenized Treasuries
- Bermuda's Promise: A Regulatory Shield for Crypto Pioneers
- The Future of Finance: The Role of Blockchain in Tokenizing Assets
- Sea Change: Bermuda's Active Role in Crypto Regulation
- The New Frontier: A Primer on Tokenized Money Market Funds (TMMF)
Don't forget to follow us for the latest updates on Bermuda, Circle, Hashnote, USDC, and USYC. Stay curious, stay informed!
In the strategic move, Circle's acquisition of Hashnote, a tokenized money market fund, is expected to facilitate a smoother transition between tokenized money market collateral and digital currency settlements, leveraging Bermuda's supportive stance on digital assets like USDC and USYC. This step towards integrating Hashnote TMMF under Circle's Digital Assets Business Act (DABA) license in Bermuda aligns with the broader industry trend of bringing real-world assets onto blockchain networks, such as tokenized treasuries and money market funds, utilizing the technology to expand the landscape of cryptocurrency and stablecoins.
