According to Circle's IPO filing, it acquired RWA issuer Hashnote in January 2025 for $9.90 million in cash and approximately 2.90 million fully vested common shares (total value of approximately $99.80 million).

Hashnote, launched with a $5.00 million investment from Cumberland Labs, is the issuer of U.S. Yield Coin (USYC). Since the acquisition, its market share in tokenized U.S. Treasury products has declined.

Hashnote issued $1.30 billion worth of USYC tokens, and its growth was rapid last year, making it the largest tokenized U.S. Treasury product on the market.