USYC, issued by Hashnote International Short Duration Yield Fund Ltd. and tokenized by Circle International Bermuda Limited, is a tokenized money market fund interest that represents a share of the underlying offshore fund [S1].

Each USYC token is a digital representation of a share of the Hashnote International Short Duration Yield Fund Ltd., a fund holding short-term, high-quality U.S. Treasury securities and reverse repurchase agreements [S1]. Yield accrues through daily NAV and token price appreciation rather than a coupon [S1]. Holders bear a 0.04% subscription fee and a 0.03% redemption fee, both waived on the first $1M daily combined volume, plus a 10% performance fee on yield [S1].

The underlying issuer is Hashnote International Short Duration Yield Fund Ltd., a Cayman Islands-registered mutual fund, with Circle International Bermuda Limited (CIBL) appointed as token administrator and licensed by the Bermuda Monetary Authority (BMA) as a digital asset business [S1]. Each token confers a beneficial interest in the offshore feeder fund [S1]. Shares are available only to non-U.S. Persons as defined under the Securities Act of 1933, with a $100,000 minimum investment [S1]. Redemptions all return USDC and settle in one block time below instant-redemption capacity, or T+0/T+1 above capacity [S1].

USYC is issued onchain on chains including Base, Canton, Ethereum, NEAR, and Solana, using ERC-20 and SPL-22 token standards [S1]. Subscriptions and redemptions are paired with USDC, enabling near-instant onchain settlement of one block time up to capacity [S1]. Daily NAV pricing is published on a dashboard [S1].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://www.circle.com/usyc" },
  ]}
/>


# Asset transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Asset transfer volume

Tokenized funds

Users deposit funds into Circle account and receive USDC or EUROC at a 1:1 rate.

Circle is a financial technology company that is the principal architect of USDC and EUROC - full-reserve fiat stablecoins that bring US dollar and euro liquidity on-chain.

Circle is a private company registered in the US. Circle's investors include Goldman Sachs, Baidu, and IDG Capital etc.

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Stablecoin issuers

Circle

Circle USYC (USYC) is a tokenized fund share issued by Circle through Circle International Bermuda Limited and managed by Hashnote Holdings LLC (through its affiliates).

Each token is a direct claim on the issuer.

The fund is open-ended and invests in U.S. government debt.

Institutions can subscribe and redeem in USDC, with a USDC 100,000 minimum and instant subscription settlement after completing KYC, and holders have a right to redeem at net asset value with same- or next-business-day settlement.

Circle International Bermuda Limited is licensed under the Bermuda Digital Asset Business Act and is supervised by the Bermuda Monetary Authority (BMA).

Hashnote International Short Duration Fund Ltd. is incorporated in the Cayman Islands, is registered in the Cayman Islands, and is supervised by the Cayman Islands Monetary Authority (CIMA).

USYC has been issued on public blockchains since June 2023 and is native to Ethereum, NEAR Protocol, BNB Chain, Solana, and Arc.

Circle USYCUSYC