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Circle Acquires Hashnote and Integrates USYC for Digital Assets
Circle, a leading stablecoin issuer, announced on Tuesday its acquisition of Hashnote, the issuer of the US Yield Coin (USYC), as part of a broader initiative to integrate USYC with USDC and expand tokenized asset adoption. Circle announced today the acquisition of Hashnote and USYC Tokenized Money Market Fund. This strategic move, alongside a partnership with global trading firm DRW via @CumberlandSays and news that we’re bringing native USDC to the @CantonNetwork , is set to redefine the landscape… — Circle (@circle) January 21, 2025 According to a statement by Circle , the acquisition includes a strategic partnership with DRW’s Cumberland unit. This collaboration is intended to enhance Circle’s offerings in tokenized money markets and improve digital asset liquidity. The Company’s Push for Tokenized Financial Integration Hashnote’s acquisition places USYC, valued at $1.52 billion, as a vital collateral choice across both traditional and digital finance markets. Meanwhile, Circle’s collaboration with Cumberland is set to drive broader adoption by enhancing liquidity for its stablecoins. By integrating USYC with USDC, Circle seeks to create a smoother pathway between stablecoin liquidity and yield-generating collateral, reinforcing its utility across markets. BREAKING NEWS: 3 big announcements from @circle . 1) We have acquired Hashnote, issuer of the world’s largest Tokenized Money Market Fund (USYC); 2) we have entered into a strategic partnership with global trading firm DRW to drive USDC and USDY in crypto and TradFi… — Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) January 21, 2025 “This is a huge unlock for a market that is increasingly being driven by institutional adoption, and where participants increasingly expect market structures that are common in TradFi,” said Circle CEO Jeremy Allaire . USYC is supported by tokenized short-term U.S. Treasury bills. Circle intends to position it as the preferred collateral option for exchanges, custodians, and prime brokers. This effort aligns with the company’s broader strategy of expanding tokenized financial assets within the digital economy. Circle Partners with DRW’s Cumberland to Enhance Liquidity The partnership with Cumberland will enhance liquidity for USDC and USYC, facilitating their use in trading and collateral management. Circle highlighted Cumberland’s role as a major liquidity provider in both traditional and digital markets. In addition to these initiatives, Circle announced plans to deploy native USDC on the Canton blockchain network. This initiative seeks to provide secure, private transactions while expanding the utility of USDC and USYC in traditional financial markets. “By utilizing the Canton blockchain, which offers configurable privacy, for USDC, and acquiring Hashnote, which issues USYC, Circle unites the key elements necessary to enable 24/7 collateral and variation margin movement across both crypto and traditional markets,” said DRW founder Don Wilson. The post Circle Acquires Hashnote and Integrates USYC for Digital Assets appeared first on Cryptonews .

2025-01-22 02:10
Davos 2025: Binance CEO Says Users Saved $1.75B in Remittance Costs
At the World Economic Forum in Davos on Tuesday, Binance CEO Richard Teng announced that between 2022 and 2024, the platform’s users saved $1.75 billion in remittance fees through its fee-free crypto service. Binance processed $26 billion in crypto remittances during this period, showcasing cryptocurrency’s cost-saving potential for international transactions. At DAVOS, discussing the future of crypto, institutional growth, crypto for financial inclusion, including how Binance has saved users $1.75 billion in remittance costs. pic.twitter.com/9j5xVQBDQv — Richard Teng (@_RichardTeng) January 21, 2025 Global remittances are expected to reach $913 billion in 2025, serving as a lifeline for economic migrants supporting families overseas. However, traditional remittance methods often come with high fees. The World Bank estimates average remittance fees at 6.65%, with the IMF noting that smaller transactions can incur fees as high as 15–20%. In contrast to these high costs, Binance Pay provides fee-free crypto remittances, enabling substantial savings. In 2024, Binance reported an average remittance value of $470, highlighting how users bypassed traditional banking fees and enjoyed quick transaction times. Data shared by the exchange reports over 500,000 women users were responsible for $4 billion in domestic and international crypto transfers last year, emphasizing cryptocurrency’s role in financial inclusion. Crypto’s Role for Underserved Communities Richard Teng discussed the transformative impact of cryptocurrency , particularly for underserved communities. “Crypto has the power to provide financial tools to individuals who need them most. Traditional international remittances can be prohibitively expensive, but crypto offers a fast and cost-effective alternative. For migrant workers, it’s a way to maximize their earnings and ensure their support reaches loved ones quickly,” Teng said. Beyond cost efficiency, Teng highlighted crypto’s role in emergencies. Imed, a Binance user from Algeria, shared how crypto allowed him to fund life-saving medical treatment for a child in France without delay. “The costs with fiat are not just monetary—they can be life-threatening. With crypto, I could act instantly,” said Teng. Additionally, Teng shared how Diogo Mury from Brazil used Binance Pay to distribute emergency relief during the Rio Grande do Sul floods. In such emergencies, cryptocurrency enabled swift distribution of funds for essential needs like food, water, and medicine. While the $26 billion in crypto remittances handled by Binance is small compared to the global total, Teng expressed optimism that as awareness of crypto’s potential grows, its adoption for remittances could increase. You might also like 9 Cryptos With The Lowest Transaction Fees in 2025 The post Davos 2025: Binance CEO Says Users Saved $1.75B in Remittance Costs appeared first on Cryptonews .

2025-01-22 01:13
MicroStrategy Acquires 11,000 BTC Equivalent to $1.1 Billion
MicroStrategy, the American development company founded by Michael Saylor, expanded its Bitcoin holdings by 11,000 BTC, equivalent to $1.1 billion, as revealed in a January 21 post on X by the business intelligence executive. MicroStrategy’s $1.1 Billion Bitcoin Acquisition According to Saylor’s post on Tuesday, the company’s latest Bitcoin acquisition raises its total holdings to 461,000 BTC, valued at $29.3 billion. The average cost per Bitcoin in the company’s portfolio stands at $63,610. MicroStrategy has acquired 11,000 BTC for ~$1.1 billion at ~$101,191 per bitcoin and has achieved BTC Yield of 1.69% YTD 2025. As of 1/20/2025, we hodl 461,000 $BTC acquired for ~$29.3 billion at ~$63,610 per bitcoin. $MSTR https://t.co/SOgvMscghy — Michael Saylor (@saylor) January 21, 2025 MicroStrategy’s official filing with the United States Securities and Exchange Commission (SEC) indicates the purchase was finalized during the week ending January 19. This acquisition further solidifies the Virginia-based firm’s status as one of the largest corporate holders of Bitcoin. The Future is ₿right pic.twitter.com/OV5kYSyJQ8 — Michael Saylor (@saylor) January 20, 2025 Saylor joined in on some of the festivities on Capitol Hill, posting photos alongside United States Secretary of Health and Human Services nominee Robert F. Kennedy Jr., Trump’s son-in-law Jared Kushner, and Department of Government Efficiency head Vivek Ramaswamy. “The future is bright,” Saylor quipped in photos from the event. Crypto Community Awaits Executive Order MicroStrategy’s latest purchase coincides with ongoing discussions about cryptocurrency regulation in the United States. President Donald Trump, who has expressed support for the digital asset industry , indicated during his campaign and at the Bitcoin 2024 Conference that his administration would work towards a crypto-friendly regulatory framework. Trump stated at the conference, “We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry.” Despite these remarks, some in the cryptocurrency community were left disappointed when no mention of blockchain or digital assets appeared in the official January 20 White House briefing outlining Trump’s initial priorities, which focused on immigration and government efficiency. Reports had suggested that Trump might sign a crypto-related executive order on his first day in office, but no such announcement has been made as of Tuesday morning. Keep in mind that there's only so much a president can do by executive order, so the crypto EO likely won't have a massive impact on law or regulation immediately. More likely, the point will be to put a firm stop to Biden admin persecution and set goals for the next four years. — Jake Chervinsky (@jchervinsky) January 21, 2025 Variant Fund CLO Jake Chervinsky commented on X that a crypto-related executive order could be expected soon but cautioned that its immediate impact on law or regulation would likely be limited. The post MicroStrategy Acquires 11,000 BTC Equivalent to $1.1 Billion appeared first on Cryptonews .

2025-01-22 00:31