// the evidence
Claims, and where each one stands.
Every claim on this page carries its evidence tier. Nothing is smoothed over, and nothing a project told me is presented as something I checked.
On 28 October 2024 Hashnote published that yield-bearing USYC is now available on Canton, with privacy so holders can hold and deliver collateral without anyone other than the issuer and the holder seeing the position.
hashnote.com/blog Canton USYC postCircle's 21 January 2025 pressroom post says USYC is already supported on Canton, in the same item that announces Circle's acquisition of Hashnote and USYC. That line is Circle's wording.
circle.com/pressroom Hashnote acquisitionCurrent Hashnote USYC docs describe USYC as the onchain representation of Hashnote International Short Duration Yield Fund Ltd. (SDYF), with T+0 subscribe and redeem into USDC, 24/7/365, issued by Circle.
usyc.docs.hashnote.comCircle's current USYC developer overview repeats the SDYF, T+0, BMA and CIMA facts and frames USYC as an audited ERC-20 with an Etherscan-verified contract. It does not name Canton. Eligibility is limited to non-U.S. persons on that page.
developers.circle.com/tokenized/usyc/overviewHashnote's homepage and cash-management product page still present USYC as a live cash-management product and state Hashnote is now a Circle company. Neither page names Canton.
hashnote.comThe same 28 October 2024 Hashnote post says Hashnote will share Canton Coin rewards generated through Global Synchronizer connectivity directly with USYC investors. That is Hashnote's wording on that date and stays announced.
hashnote.com/blog Canton USYC postUSYC is issued by Circle International Bermuda Limited, regulated by the Bermuda Monetary Authority, and represents an interest in Hashnote International Short Duration Yield Fund Ltd., a Cayman Islands mutual fund licensed by the Cayman Islands Monetary Authority. The fund invests in short-term US Treasury Bills and repo and reverse-repo activity. Investors subscribe with USDC and can redeem the same day (T+0) back into USDC, with subscriptions atomic and instant on-chain and redemption available 24/7/365.
usyc.docs.hashnote.com/overview/introductionUSYC's documented service providers are Marex as prime broker, Customers Bank as bank, Cohen and Company as auditor, NAV Consulting as fund administrator, NAV Consulting and LMO Consulting for KYC and AML, and Fireblocks for MPC wallet infrastructure.
usyc.docs.hashnote.com/overview/service-providers// what would move the score
Catalysts.
Each one names what I am watching and what would prove me wrong.
The 28 October 2024 Hashnote post still states USYC is available on Canton.
Falsified if: that post is withdrawn without a dated replacement on a Hashnote or Circle own surface.
Live Hashnote and Circle USYC docs still describe the ERC-20 product and still do not name Canton. A current product doc that names Canton would close that gap.
Falsified if: the 2024 post remains the only Canton listing through the next verify.
// what I could not verify
Gaps.
These are findings, not omissions. I looked and state what I found.
Canton missing from current product docs. Live Hashnote USYC docs and Circle USYC developer overview describe a live ERC-20 product and do not name Canton. The Canton listing is Hashnote's 28 October 2024 post and Circle's 21 January 2025 acquisition item.
AUM not Canton-scoped. Circle's 21 January 2025 pressroom post states $1.52B deployed into USYC as of 15 January 2025. That is Circle's figure and is not scoped to Canton.
Circle marketing page unread. https://www.circle.com/usyc returned HTTP 403, so the current Circle marketing product page was not readable.
// open to the project
Sections Hashnote USYC can fill.
These stay empty until the project supplies them. Anything supplied is labeled as supplied, dated, and never rendered as something I verified. Declining changes nothing else on this page.
Architecture
How the product is built, in the team's own words.
Audit
Any audit, review or internal security practice not published today.
Roadmap
What ships next and when, so the catalysts above can carry real dates.
Usage figures
Published usage with a methodology, so a count can move off announced tier.
// conflicts
Position.
Position disclosure. I hold $CC and $CNTN. This page covers a Canton-native product, which triggers disclosure under my map. Hashnote USYC itself is not a holding of mine. The full conflicts register is on the disclosure page. Hashnote USYC has no commercial relationship with Canton Catalyst, and nothing here was requested, reviewed or paid for.
// corrections
Correction log.
No corrections recorded. First published 16 September 2026.