Circle plans to bring its Hashnote Tokenized Money Market Fund (TMMF) under Bermuda’s regulatory oversight through the Digital Assets Business Act (DABA) license, integrating its stablecoin USDC with USDY. USDY, which has a total value locked (TVL) of $900 million, is the largest tokenized treasury and money market fund, although its TVL has decreased from $1.9 billion since January. The integration aims to make USDY the preferred yield-bearing collateral in crypto exchanges. Circle, first licensed under the Bermuda Monetary Authority in September 2021, aims to leverage Bermuda's progressive regulatory environment to enhance its offerings in the realm of stablecoins and tokenized assets. The tokenized real-world assets (RWAs) market is projected to expand rapidly, creating a significant opportunity for investment as liquidity increases across various asset classes. Notably, the market for tokenized US Treasurys is expected to grow significantly by the end of 2024, with institutional players leading the charge in tokenization projects.

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