OCB Reference/Diligence
Who holds USYC, and how concentrated is it?
Hashnote's tokenized Treasury and repo fund is the most tightly held instrument we measure — effectively a single-holder fund. Here is USYC's top-holder concentration, read live against its real float.
OnChain Benchmark · Reference · figures update live
USYC — Hashnote's tokenized share of a short-term US Treasury and reverse-repo strategy, now under Circle — is the most concentrated fund in this series. It is not merely “institutional rather than retail”: nearly the entire circulating supply sits with a single wallet, with a small set of Ethereum holders accounting for the remainder. The live top-10 figure below is read from current onchain data, measured against free float with issuer and custody wallets excluded. At this level, concentration stops being a distribution statistic and becomes the fund's defining structural fact — how it behaves depends almost entirely on what one holder does.
Most tokenized Treasury funds are wholesale: a modest number of large allocators hold them, redeem directly with the issuer, and use them as onchain collateral. USYC is the extreme end of that pattern. Asking “who holds it” is really asking about concentration — and here the answer is close to its limit, so the usual framing of “a handful of institutions” understates what the data shows.
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 (supply held outside the issuer's own and custody wallets) so a single custody address doesn't distort the figure. Read live now:
Share held by the 10 largest wallets · protocol addresses excluded · primary chain
A figure this close to 100% carries a specific meaning worth stating plainly: the top holders are not a diversified institutional set but, in practice, one dominant position. The exhibit above is measured on USYC's primary chain, as its footnote says. USYC also trades on BNB Chain, and that is worth naming rather than glossing: the dominant holding sits there, so measuring the two chains together does not dilute the figure — it lands in the same place. Concentration this high is the fund's structure, not an artifact of which chain we measured.
Why is USYC held this way?
It is a wholesale cash-management instrument, not a retail product: the strategy is short-dated Treasuries and reverse repo, and the natural user is a large balance-sheet holder parking cash with daily NAV redemption. Concentration on its own is not a defect — it is how the instrument is used. What it does mean is that the fund's supply, and therefore its onchain behavior, tracks a single participant's decisions. For a genuinely broad-based contrast, tokenized gold like PAXG sits at a far lower concentration; for a wholesale fund that is concentrated but less so, see OUSG.
How does USYC compare to other tokenized treasuries?
Wholesale Treasury funds cluster at the high-concentration end, and USYC sits at the top of that cluster — above OUSG and BUIDL rather than alongside them. Seeing it next to its peers is the useful view; the full ranking is in how concentrated tokenized-treasury ownership is, and USYC's own overall score is on its quality rating page — where concentration is one of four scored dimensions, not the whole verdict.
- Who holds USYC?
- USYC — Hashnote's tokenized short-term US Treasury and reverse-repo fund, now under Circle — is held almost entirely by a single wallet, with a small set of additional holders on Ethereum accounting for the remainder. It is a wholesale cash-management instrument used by large balance-sheet holders, not a retail product, and its ownership is more concentrated than any comparable tokenized Treasury fund we measure.
- How concentrated is USYC?
- Concentration is measured as the top-10 holder share of circulating supply, against free float (excluding the issuer's own and custody wallets). The live figure is shown on this page and read from current onchain data. For USYC it is effectively at its ceiling — a single position accounts for the large majority of supply, so the fund is best understood as a near-single-holder instrument.
- Does measuring both Ethereum and BNB Chain change USYC's concentration?
- No. The live exhibit on this page is measured on USYC's primary chain (its footnote says so), and OCB tracks USYC on both Ethereum and BNB Chain. Measuring the two together lands in the same place: the dominant holding sits on BNB Chain, which carries most of the supply, so combining the chains does not dilute the concentration. The figure reflects how the fund is held, not which chain was measured.
- Why measure concentration instead of the number of holders?
- A raw holder count is easy to misread — it can be low simply because a fund is institutional, or inflated by dust wallets. Concentration answers what a holder actually cares about: if the largest holders exit, how much of the fund moves. It is one of the four dimensions of USYC's quality rating.
- Is USYC safe to hold given its concentration?
- Concentration is one input, not the whole answer. USYC's overall quality rating also weighs disclosure, redemption liquidity, and structure — and it is issued by an NYDFS-supervised issuer with authorized NAV redemption. A concentrated but well-disclosed and redeemable fund can still rate well. What concentration tells you is how the fund behaves when its largest holder moves, which for USYC is close to the whole fund.
Last reviewed Sep 12, 2026 · figures read live