Circle Internet Group, Inc., The company behind $ 58 billion USDC StableCoin said on Thursday that it plans to bring its newly acquired hashnote Tokenized Money Market Fund (TMMF) under Bermuda’s regulatory supervision. The fund, which manages almost $ 1 billion assets, will be incorporated into Circle’s existing Digital Aktet’s Business ACT (DABA) license, the company said in a press release.

Hashnote issues Usyc, the largest tokenized money market fund, according to rwa.xyz data. By integrating Usyc with USDC, Circle aims to allow trouble -free movement between a yield -bearing asset and one of the most widely used stablecoins and increase the usyc as a security option on exchanges, custodians and prime brokers.

Circle CEO Jeremy Allaire emphasized Bermuda’s role in digital asset regulation and called it a “natural choice” for usyc operations. Bermuda Monetary Authority (BMA) first awarded Circle a comprehensive license in 2021, and the company has since maintained a jurisdiction presence.

“Digital financial products such as Usyc and USDC are strengthening Bermuda’s digital connection and our management in international business markets,”
Premier for Bermuda David Burt said in a statement.