Circle will issue USDC Stablecoin on to the Canton Network

• Circle, issuer of the USDC Stablecoin, says it will support the use of USDC by participants of the Canton Network blockchain

• The recent acquisition by Circle of the USYC tokenised money market fund means Canton Network users can use USDC in tandem with USYC

• The USDC-USYC combination will appeal to cryptocurrency firms looking to trade tokenised securities and funds as well as cryptocurrencies

Circle says its USDC Stablecoin will be available on Canton Network. It means USDC can be used in private as well as public transactions on-chain and in conjunction with the USYC tokenised money market fund, which is already supported on the Canton Network.

The news follows the acquisition by Circle of Hashnote, the issuer of the USYC tokenised money market fund incubated by the ventured capital arm of Cumberland, the wholly owned cryptocurrency subsidiary of principal trading firm DRW.

“For over a decade I have championed the opportunity for traditional finance to be made more efficient and resilient by leveraging public blockchains," says Don Wilson, CEO and Founder of DRW. "I am excited to partner with Circle in its quest to make this a reality. By utilising 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."

To date, the Canton Network has supported more than US$3.6 trillion in tokenised asset issuance and over US $1.5 trillion in repo transactions.

Users include BlackRock, Blackstone, Goldman Sachs and Citadel Securities.