USYC — Verification Runbook
Instrument: Hashnote US Yield Coin Issuer: Hashnote / Circle (Hashnote acquired by Circle, early 2024) Asset class: Treasury (rebasing token) Last verified: 2026-06-02 Status: Live on Ethereum. Composite score 38/100. Single biggest issuer-disclosure gap in coverage — no public reserve attestation exists.
1. Address provenance
Ethereum
- Contract:
0x136471a34f6ef19fe571effc1ca711fdb8e49f2b(USYC token, 6 decimals) - Contract pattern: ERC-1967 UUPS proxy (ShortDurationYieldCoinProxy).
- Price model:
peg_one. No onchain price oracle. USYC is rebasing — NAV accretes in token price (~$1.13 as of 2026-06-01). Valuation =totalSupply() * offchain_nav; NAV source unknown. - Verification: Verified contract on Etherscan, deployer trace.
- Governance:
owner() = 0x13FF8Cabb86eDf94a2dF4f98773bda4005182dD6. Plain EOA — no Contract tab on Etherscan. Funded by "Hashnote: Deployer." Only 3 transactions: 1 funding transfer in, 2 "Upgrade To" calls out. A single EOA controls UUPS upgrades on a ~$100M token. Verified 2026-06-01. - Confidence: ≥95%
USYC is single-chain (Ethereum only) in our coverage. Hashnote's broader product surface may have other deployments — not in launch scope.
2. Scoring evidence
Yield Accuracy — 5/25
- Approach for USYC: rebasing model — NAV accretes in token price. No oracle, no published rate accessible to a fetcher.
- Source for published rate: None found.
usyc.hashnote.comredirects tocircle.com. No published rate visible. - Score: 5/25 reflects peg-without-published-rate rubric branch.
- Gap:
issuer_undisclosed.
Liquidity — 8/25
- Approach: market liquidity vs supply.
- Score: Low. USYC trades primarily through authorized channels post-Circle acquisition.
- Gap:
protocol_nature. Methodology v2.x.
Transparency — 0/25
- Approach: four sub-signals.
- attestationFreshness: 0. Investigated 2026-06-01 —
usyc.hashnote.comredirects tocircle.com. No reserve reports, no attestation PDFs, no public portal found anywhere on circle.com or hashnote.com. Hashnote was acquired by Circle in early 2024 — reports may not have survived the acquisition. - disclosureConsistency: 0.
- regulatoryStanding: Hashnote is registered, but post-acquisition status is unclear.
- governanceQuality: Single EOA controls UUPS upgrades — material concern.
- Score: 0/25 — confirmed absence, not a measurement failure.
- Gap:
issuer_undisclosed.
Concentration — 25/25
- Approach: top-10 holders excluding documented addresses.
- Score: 25/25. Well-distributed.
3. Gap attribution
| Dimension | Score | Gap | What would close it | If closed |
|---|---|---|---|---|
| Yield | 5/25 | issuer_undisclosed | Circle / Hashnote publishes the USYC short-duration yield at a stable URL with daily cadence | 55-61 composite, peer USDY |
| Liquidity | 8/25 | protocol_nature | Methodology v2.x: peg-NAV rubric | — (methodology) |
| Transparency | 0/25 | issuer_undisclosed — confirmed absence | Circle publishes a USYC reserve attestation feed (similar to USDC reserves) at a stable machine-readable URL | 65-72 composite, peer OUSG |
USYC has the steepest near-term lift potential of any instrument in coverage. Yield + Transparency gaps both point at Circle. Closing either alone would lift the composite over the 60 threshold.
4. Pending items
- Open request to Circle: publish USYC reserve attestation similar to USDC reserves page.
- Open request: publish daily USYC yield at a stable URL.
- Quarterly monitor: Circle transparency page for new USYC content.
- Peg-NAV liquidity rubric. Methodology v2.x.
5. Change log
- 2026-06-02: First runbook draft. Gap attribution backfilled via migration 0048. Hashnote-to-Circle acquisition status surfaced as the load-bearing context.