OnChain Benchmark Reference/Diligence
Who holds USYC, and how concentrated is it?
Who holds USYC, how holder concentration is measured, and what the live figure shows — or that it is not yet measured.
OnChain Benchmark · Reference · figures update live
USYC — Hashnote's tokenized short-term US Treasury and reverse-repo fund (now under Circle) — is best understood through its concentration: how much of the circulating supply the largest wallets control, measured against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets). The live figure below is the latest published measurement. Where holder data is not yet measured for USYC, the figure reads “Not yet measured” and this page makes no claim about who holds it.
How concentrated is USYC's ownership?
The measure that matters is the share of circulating supply held by the largest wallets — the top-10 holder concentration. We measure it against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets) so a single custody address doesn't distort the figure. Read live now:
Share of free float held by the 10 largest wallets · pooled across the chains where we hold holder data
Why does concentration matter more than the holder count?
A raw "N holders" number is easy to misread: it can be padded by dust wallets or low simply because an asset is institutional. Concentration answers the question a holder cares about — if the biggest holders exit, how much of the asset is that? It is one of the four dimensions of USYC's quality rating, where it is weighed alongside disclosure, redemption and structure.
- How concentrated is USYC?
- Concentration is measured as the top-10 holder share of circulating supply, against free float (circulating supply outside issuer, custody, exchange, bridge and protocol wallets). The live figure is shown on this page where it is measured; where it is not yet measured the page says so and states no result.
- Why measure concentration instead of the number of holders?
- A raw holder count is easy to misread — it can be inflated by dust wallets or low simply because an asset is institutional. Concentration answers what a holder cares about: if the largest holders exit, how much of the asset moves.
- Is USYC safe to hold given its concentration?
- Concentration is one input, not the whole answer. The overall quality rating also weighs disclosure, redemption and structure; the full rating is what tells you how sound the asset is.
Last reviewed Sep 12, 2026 · figures read live