Circle USYC (USYC) is a fiat-backed US dollar stablecoin issued by Circle (formerly Hashnote). It has about $2.40B in circulation, ranking #9 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
USYC price
$1.1396
Accrues yield Circulating supply
$2.40B
30-day change
-8.6%
Price
$1.1396
Blockchains
2
Tracked since
Jun 2023
What is USYC?
Circle USYC (USYC) is a fiat-backed US dollar stablecoin issued by Circle (formerly Hashnote). It has about $2.40B in circulation, ranking #9 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
USYC is a yield-bearing fund token rather than a payment stablecoin. Its price rises above $1 as interest accrues. Circle acquired its issuer, Hashnote, in 2025.
In the issuer's words: USYC is a tokenized money market fund backed by U.S. Treasury bills, designed by Hashnote Labs (now part of Circle) to generate yield within the token itself for use as collateral in crypto markets.
USYC supply history
$2.86B$0
Oct 8, 2025Oct 8, 2026
$2.86B$0
Jun 14, 2023Oct 8, 2026
USYC supply fell 8.6% over the past 30 days, to $2.40B. Its peak was $2.77B in June 2026, and supply is 13% below that high.
Is USYC holding its peg?
Last price
$1.1396
Target
1.0000 USD
Status
Accrues yieldUSYC passes yield through by raising its token price, so a value above 1.00 is by design rather than a broken peg.
Where USYC lives: supply by blockchain
Supply is concentrated: BSC holds 98% of all USYC. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USYC is backed
USYC is backed by a tokenised money market fund holding short-term US Treasuries and reverse repos.
Minting and redemption: USYC is minted when users deposit USDC into USYC fund, which then invests in short-term U.S. Treasury bills to create the yield-bearing token, and it can be redeemed by converting it back to USDC at a 1:1 ratio through Circle's system.
USYC risks
Issuer and custody
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Freezes and blacklists
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USYC vs USDT and USDC
Similar fiat-backed stablecoins
See all →
USYC in the news
USYC guides
- Stablecoin Yield: Live Rates and Where the Interest Comes FromLive APYs for the biggest stablecoin savings and lending products, where each rate comes from, and the risks behind yields above the Treasury-bill rate.
USYC FAQ
What is USYC?
Circle USYC (USYC) is a fiat-backed US dollar stablecoin issued by Circle (formerly Hashnote). It has about $2.40B in circulation, ranking #9 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is USYC pegged 1:1 to the US dollar?
USYC targets 1 USD. At the last update it traded at $1.1396, a deviation of +13.96%, which we classify as "accrues yield". USYC passes interest through by raising its token price, so a value above 1 is expected.
What backs USYC?
USYC is a fiat-backed stablecoin. A tokenised money market fund holding short-term US Treasuries and reverse repos.
Which blockchains is USYC on?
USYC is live on 2 blockchains. The largest by supply are BSC ($2.07B), Ethereum ($34.4M).
How much USYC is in circulation?
About $2.40B of USYC was in circulation at the last update, -8.6% over 30 days. That makes it the #9 stablecoin by supply among those we track.
Does USYC pay interest?
Yes. USYC is a yield-bearing fund token rather than a payment stablecoin. Its price rises above $1 as interest accrues. Circle acquired its issuer, Hashnote, in 2025.
Is USYC safe?
No stablecoin is risk-free. As a fiat-backed design, USYC's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "accrues yield" on our peg monitor. This page is information, not investment advice.