Circle also said it will bring the $48 billion USDC stablecoin to the Canton Network and struck a partnership with crypto market maker Cumberland DRW to provide liquidity for USDC and USYC tokens.

Circle Internet Group Inc., the issuer of the $48 billion USD Coin stablecoin, today announced the acquisition of Hashnote Management LLC, a company that provides a tokenized money market fund with nearly $1.3 billion in assets.

The stablecoin giant is facing off against BlackRock in a bet that more money market transactions will move on to blockchain.

Circle Internet Financial, the issuer of popular stablecoin USDC, has acquired Hashnote, the issuer of US Yield Coin (USYC) — the world’s largest tokenized money fund.

Circle acquires Hashnote, integrating USYC with USDC to offer access to tokenized money market collateral, backed by DRW’s Cumberland.

Circle acquired Hashnote for an undisclosed amount and plans to integrate USYC as collateral on crypto exchanges. Hashnote manages the largest Treasury note money market fund with $1.2Bn under management.

Stablecoin issuer Circle Internet Financial Ltd. acquired Hashnote, adding a tokenized money market fund just as crypto advocate Donald Trump enters the White House for a second term.