In the grand theater of finance, where numbers dance like leaves in the wind, Circle, the illustrious architect of the stablecoin USDC, has unfurled its plans on this fateful day of March 13. They aim to usher their Hashnote Tokenized Money Market Fund (TMMF) under the watchful gaze of Bermuda’s regulatory embrace, courtesy of the Digital Assets Business Act (DABA) license. Ah, the sweet scent of compliance!
Hashnote, a gem acquired by Circle in the brisk January of 2025, stands as the proud issuer of USDY, the titan of tokenized treasury and money market funds, boasting a total value locked (TVL) of $900 million. Yet, like a balloon losing air, this fund’s TVL has plummeted from a dizzying $1.9 billion as of January 7. What a rollercoaster ride! 🎢
Circle, in its infinite wisdom, has declared its intention to weave USDY into the very fabric of USDC, creating a bridge between the TMMF and the stablecoin. They believe this will crown USDY as the “preferred form” of yield-bearing collateral on crypto exchanges. Custodians and brokers, prepare your crowns! 👑
As per the sage words of Freeman Law, Bermuda has crafted one of the pioneering legal frameworks for digital assets. Circle, the trailblazer, was the first to don the license from the Bermuda Monetary Authority back in September 2021. The DABA currently allows three types of licenses for those daring enough to tread its waters.
Tokenized RWAs: A “$30-trillion Opportunity” (or so they say!)
In the summer of 2024, Colin Butler, the oracle of Polygon’s institutional capital, proclaimed that tokenized real-world assets (RWAs) represent a $30-trillion market opportunity. He foresaw a wave of high-net-worth individuals diving into alternative assets, as tokenization breathes life into once-stagnant markets. Surf’s up! 🌊
Also, in that same sun-kissed August, predictions soared that tokenized US Treasurys would eclipse a $3 billion market cap by the end of 2024. As of now, RWA.xyz reports a market cap of $4.2 billion. Hashnote, the second-in-command for tokenized US Treasurys, has seen its market cap tumble by 21% in the past month. Ouch! 😬
The grand tapestry of RWAs has surpassed a market cap of $15.2 billion by the close of 2024, largely thanks to institutional players piloting tokenization projects across a myriad of real-world goods—real estate, gold, diamonds, and even carbon credits. The market cap once reached a dizzying high of $17.1 billion on February 3, only to rise further to $18.1 billion as we speak. What a spectacle! 🎉
Tokenization is not merely a trend; it is a revolution, reshaping the landscape of finance. It creates liquidity for once-illiquid assets and harnesses the blockchain to facilitate transactions that are as transparent as a clear blue sky. The possibilities are as endless as the ocean! 🌊
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2025-03-13 21:00