Circle Moves Hashnote TMMF Under Bermuda’s Regulation

• Circle integrates Hashnote TMMF under Bermuda’s regulatory framework, reinforcing its commitment to compliance and investor security.
• USDC adoption surges, with circulation up 78% and transaction volume hitting $1 trillion in November 2024, strengthening its global presence.

Circle is strengthening its position in the stablecoin industry with a significant move that would subject the Hashnote Tokenized Money Market Fund (TMMF) to Bermuda’s regulatory scrutiny. The move fits Circle’s larger plan to create a more regulated and stablecoin ecosystem with $1 billion in assets under management.

Circle Strengthens Its Regulatory Framework in Bermuda

Bermuda was no casual choice for Circle. The Bermuda Monetary Authority (BMA) has approved the firm to run its digital asset company starting in 2021. Circle wants to make a safer surrounding for its investors by underlining Hashnote TMMF under Bermuda’s regulation.

Jeremy Allaire, the CEO of Circle, underlined that the move was taken to guarantee that the under-managed assets stay in a stable environment under obvious regulatory control. By means of this integration, USYC—the money market fund of Hashnote—will be more tightly connected to the USDC stablecoin, therefore enabling users to move between assets more freely.

USDC Surpasses Its 2022 Record, Reaching $56 Billion

Amid this expansive move, USDC has achieved another major milestone. Just breaking the record set in 2022, the stablecoin’s market capitalization has lately reached $56 billion. This indicates that, particularly following the downturn brought on by the banking crisis last year, confidence in USDC is rising.

Besides that, data from Artemis indicates that over the past three months, USDC has added more than $10 billion to its supply. This is far larger than the mere $4.2 billion increase USDT experienced during the same period. This fact suggests that USDC is becoming the main stablecoin of choice for increasingly more investors.

USDC Gains Official Recognition Amid Regulatory Clarity

Regulation presents one of the main difficulties in the stablecoin sector. Gray areas of policy have many times impeded ambitious endeavors. Still, Circle seems to be handling this difficulty really skillfully. Previously, as we earlier reported, the Dubai Financial Services Authority (DFSA) officially recognized USDC and EURC as legal stablecoins in the Dubai International Financial Centre.

This move helps Circle to maintain its status as the most regulated stablecoin issuer even further. Actually, Circle is the first company to entirely follow Canada’s new listing guidelines as well as the European Union’s Markets in Crypto Assets (MiCA) policy. This indicates that USDC is developing not just in terms of market capitalization but also in terms of legislation compliance across different nations.

Circle Reports USDC’s 78% Surge in Circulation

Previously, Circle notes in its yearly report, “State of the USDC Economy,” the quick acceptance and expansion of USDC. Outpacing other major stablecoins, the paper says that USDC has surged in circulation by 78% over the past year.

USDC’s monthly transaction volume in November 2024 also hit $1 trillion, therefore increasing its lifetime total to about $20 trillion. From the regulatory standpoint, Circle is a more compliant stablecoin issuer across several countries, as it has broad compliance with rules in Europe and Canada.