Circle Expands $635M Tokenized Treasury Fund to Solana Amid Rapid RWA Growth

Share this article

USYC, Circle’s tokenized money market fund, is currently the fifth largest offering in the rapidly growing $8 billion tokenized treasuries sector.

By Krisztian Sandor, AI Boost|Edited by Stephen Alpher

Oct 1, 2025, 4:17 p.m.

Circle’s tokenized U.S. Treasury fund, USYC, is now available on Solana, expanding beyond the Ethereum, Near, Base, and Canton networks.
The tokenized treasury market has grown to nearly $8 billion, more than tripling in size in a year driven by institutional interest in real-world assets on blockchain rails.
USYC has a $630M market cap, ranking fifth among tokenized treasury offerings.

Circle (CRCL), the crypto company known for its USDC stablecoin, introduced on Wednesday its tokenized U.S. Treasury fund offering to Solana, expanding its footprint to the blockchain known for low-cost transactions and fast settlement times.

The move expands the USYC token beyond Ethereum, Near, Base and Canton networks and the planned addition of BNB Chain.

STORY CONTINUES BELOW

Don’t miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.

USYC is a tokenized version of a short-duration U.S. government money market fund. The fund is redeemable in real time into USDC, Circle’s dollar-backed stablecoin, and is available only to non-U.S. institutional investors who pass know-your-customer (KYC) checks. That makes USYC permissioned by design, in contrast to other tokens commonly used in decentralized finance (DeFi).

The broader tokenized treasury market has seen explosive growth recently, swelling to nearly $8 billion today from $2.4 billion in a year, RWA.xyz data shows. That increase reflects the growing institutional appetite for real-world assets (RWAs) on blockchain rails, particularly yield-bearing government securities. They are increasingly used as collateral for lending and margin trading, or as a building block for other yield-generating strategies.

With a market cap of $635 million, USYC is the fifth-largest tokenized treasury fund, according to data from RWA.xyz.

Solana’s integration adds new potential use cases, including using USYC as margin collateral for derivatives trading or as a yield-bearing asset in Solana-based decentralized finance (DeFi) platforms. However, USYC requires protocols to integrate eligibility checks and wallet allow-listing, a hurdle that many applications will need further development to support it.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

More For You

By Oliver Knight|Edited by Nikhilesh De

2 hours ago

Lazarus Group, a cybercrime organization run by the North Korean government, may have links to this week's exploit of Euler Finance. (Micha Brandli/Unsplash)

SBI Crypto, a subsidiary of Japan’s SBI Group, has reportedly suffered a $21 million exploit with blockchain sleuths pointing to possible ties with North Korean hackers.

What to know:

Addresses linked to SBI Crypto saw suspicious outflows across BTC, ETH, LTC, DOGE and BCH on Sept. 24, later funneled through instant exchanges and Tornado Cash.
ZachXBT highlighted similarities between the incident and prior North Korea-linked crypto heists.
SBI Group has not publicly confirmed the hack and did not respond to CoinDesk’s request for comment.

Latest Crypto News