Hashnote US Yield Coin
Tokenized share of a short-term U.S. Treasury and reverse repo strategy.
Deployments
Supply scope: Ethereum + BNB Chain — excludes a negligible Solana balance
0x136471a34f6ef19fe571effc1ca711fdb8e49f2b
0x8d0fa28f221eb5735bc71d3a0da67ee5bc821311
USYC across four dimensions
Signal readings
- Disclosure tier
- none
- Attestations / 180d
- 0
- Outstanding supply
- $2.85B
- Liquidity / supply
- 0.000%
- Top-10 holder pct
- 100.0%
- Custody verification
- partial surface
Custody & backing fields are descriptive — published, not scored
USYC supply over time
Supply scope: Ethereum + BNB Chain — excludes a negligible Solana balance
USYC · Hashnote
Outstanding supply (USD)
USYC outstanding supply is $70.23M as of Aug 26, 2026. -19.7% over the prior 30 days. (Ethereum + BNB Chain — excludes a negligible Solana balance.)
USYC trust rating since coverage began
USYC · Verified Capital Trust Rating
Composite rating (0–100)
USYC rating is 46 as of Aug 26, 2026.
What closes the gap — and who closes it
No published rate available from Circle / Hashnote. USYC pricing is rebasing — NAV accretes in token price (~$1.13) — but no oracle and no public attestation of the rate.
What would close it
Circle / Hashnote publishes USYC's daily yield rate at a stable URL.
USYC trades primarily through authorized channels post-Circle acquisition. The Liquidity rubric (DEX depth vs supply) does not apply cleanly.
What would close it
A liquidity rubric tailored to authorized-redemption funds — depth of authorized off-chain redemption channels rather than DEX depth.
USYC has not been published with a recurring reserve attestation since the Circle acquisition in early 2024. No public reserve report URL is currently maintained.
What would close it
Circle publishes a USYC reserve attestation feed at a stable machine-readable URL — similar to its USDC reserves page.
- ·owner() on ShortDurationYieldCoinProxy returned a plain EOA — no Contract tab on Etherscan.
- ·Funded by "Hashnote: Deployer".
- ·Only 3 transactions: 1 funding transfer in, 2 "Upgrade To" calls out to USYC token (314 days ago and 174 days ago).
- ·Single EOA controls UUPS upgrades on ~$3B token — no multisig, no timelock.
Hashnote acquired by Circle early 2024 — the key may be under Circle infrastructure but admin has not changed onchain. Higher risk than BUIDL/BENJI due to fund AUM (~$3B vs $115M).
Score impact: governance sub-signal: 4/10 (single EOA). upgrade_pattern uups: 3/15. Total governance: 7/25. Material risk: ~$3B controlled by a single key.
- ·Investigated exhaustively 2026-06-01. usyc.hashnote.com redirects to circle.com.
- ·No reserve reports, no attestation PDFs, no public portal found anywhere on circle.com or hashnote.com.
- ·Hashnote acquired by Circle early 2024 — reserve reporting appears discontinued or not yet migrated.
Monitor circle.com quarterly. If Circle launches a unified reserve portal covering USYC, this evidence should be re-verified against it.
Score impact: attestationFreshness sub-signal = 0 indefinitely until Circle/Hashnote publishes machine-fetchable reserve reports.
- ·No Etherscan label.
- ·Holds 13.57% of USYC supply.
- ·No further investigation completed.
Score impact: Kept in.
- ·Etherscan label "Usual: Treasury".
- ·Usual is a DeFi yield-bearing stablecoin protocol that wraps USYC as collateral.
- ·Holds 28.71% of USYC supply as a protocol reserve.
Score impact: Excluded from top-10 concentration calc.
- ·Etherscan label "Deribit 16" (category: Exchange).
- ·Deribit is a centralized derivatives exchange.
- ·Holds 5.24% of USYC supply as exchange collateral.
Score impact: Excluded from top-10 concentration calc.
- ·No Etherscan label.
- ·Holds 42.95% of USYC supply.
- ·Likely a Hashnote custody or distribution contract but not confirmed — no SafeProxy or other contract source verified.
Score impact: Kept in. If confirmed as protocol-controlled, exclusion would significantly improve concentration score.
USYC is scored across the same four dimensions as every other rated instrument in its class — Disclosure Quality, Redemption Liquidity, Structural Trust, and Holder Concentration. Each dimension contributes up to 25 points. The dimension breakdown above shows where the score comes from; the diligence trail shows every verified fact behind it.
Read the full methodology →