# US Yield Coin (USYC)

<https://galactic.inc/analytics/usyc/>

Data block: 26,237,861 (2026-10-21 02:04 UTC)

[Circle](https://www.circle.com/usyc) · Treasuries · Ethereum · BNB Chain
- Price: $1.1409
- Market cap: $2.39B
- Supply: 2,091,488,631.76
- Holder addresses: 25
- Top 10 share: 99.6%
- Transfer volume (30d) · Ethereum: $257.60M

US Yield Coin (USYC) is a tokenized instrument providing exposure to short duration US Treasuries and Reverse Repo on US Treasuries. Across Ethereum and BNB Chain it has a combined supply of 2,091,488,631.76 tokens held by 25 addresses, for a market cap of $2.39B.

## Price sources

| Source | Value | Type | Estimated | Link | As of |
|---|---|---|---|---|---|
| USYC oracle | $1.1403 | On-chain read | No | [etherscan.io](https://etherscan.io/address/0x74f2199aeb743f68f05943e5715a33eaf2b61f53) | 2026-10-21 |
| RWA.xyz | $1.1408 | Third party | No | [app.rwa.xyz](https://app.rwa.xyz/assets/USYC) | 2026-10-21 |

## Supply by chain

| Chain | Supply | Holder addresses | Market cap | Data as of |
|---|---|---|---|---|
| Ethereum | 34,550,903.81 | 25 | $39.42M | [Block 26,237,861](https://etherscan.io/block/26237861) |
| BNB Chain | 2,056,937,727.95 | — | $2.35B | [Block 128,855,345](https://bscscan.com/block/128855345) |
| Total | 2,091,488,631.76 | 25 | $2.39B |  |

## Backing

Retrieved: 2026-10-16

### Token supply vs reported

| Comparison | Token supply | Reported | Gap | Ratio |
|---|---|---|---|---|
| Ethereum market cap vs assets under management (all chains) | $39.42M | $312.98M | −$273.56M | 0.1259 |

### Token supply

| Ethereum, block 26,237,861 | USYC |
|---|---|
| Tokens outstanding | 34,550,903.81 |
| Market cap (Ethereum) | $39.42M |

### Reported assets

| [Issuer report](https://www.circle.com/usyc) | Reported |
|---|---|
| Assets under management (issuer-reported, all chains) | [$312.98M](https://www.circle.com/usyc) |

## Key facts

- **Issuer:** [Circle](https://www.circle.com/usyc)
- **Category:** Treasuries
- **Chains:** Ethereum, BNB Chain
- **Deployed · Ethereum:** 2023-05-31
- **Transfers (30d) · Ethereum:** 36
- **Transfer volume (30d) · Ethereum:** $257.60M
- **Data block · Ethereum:** [26,237,861](https://etherscan.io/block/26237861)

## Regulatory structure

As of 2026-10-18

- **Issuer legal entity:** [Circle International Bermuda Limited](https://usyc.docs.hashnote.com/overview/product-structuring)
- **Jurisdiction of issuer:** [Bermuda](https://usyc.docs.hashnote.com/overview/product-structuring)
- **Regulatory framework / offering exemption:** [Cayman Islands mutual fund (CIMA); token issuer regulated by the BMA](https://usyc.docs.hashnote.com/overview/product-structuring)
- **Eligible investors:** [Institutions outside the US; US$100,000 minimum investment](https://usyc.docs.hashnote.com/overview/investor-onboarding)
- **US persons:** [Not permitted (per issuer)](https://usyc.docs.hashnote.com/overview/investor-onboarding)

[Definitions and methodology](https://galactic.inc/analytics/usyc/#regulatory-glossary)

## Contract control

| Holder | Roles | Type | Key use | Last rotated |
|---|---|---|---|---|
| **Ethereum** |  |  |  |  |
| [0x13ff…2dd6](https://etherscan.io/address/0x13ff8cabb86edf94a2df4f98773bda4005182dd6) | Upgrade admin, Owner | Single key | Dedicated | [2025-02-14](https://etherscan.io/tx/0x426fbcd14daf2cc3163eb52499d8df9137ab2c94f1ab5b0747e4740e604f3654) (613 days ago)Rotations in past 24 months: 1 · Within 12 months: No |
| **BNB Chain** |  |  |  |  |
| [0xcd63…f70e](https://bscscan.com/address/0xcd636d955a95385ec5e2776b167b92e89ef6f70e) | Upgrade admin, Owner | Single key | Dedicated | Rotation history not available |

## Role history

| Role | Key | Type | Added | Days held | Granted by | Other assets |
|---|---|---|---|---|---|---|
| **Ethereum** |  |  |  |  |  |  |
| Owner | [0x13ff…2dd6](https://etherscan.io/address/0x13ff8cabb86edf94a2df4f98773bda4005182dd6) | Single key | [2025-02-14](https://etherscan.io/tx/0x426fbcd14daf2cc3163eb52499d8df9137ab2c94f1ab5b0747e4740e604f3654) | 613 | [0x0e4e…1a8e](https://etherscan.io/address/0x0e4e519691021d930072ff13c503a50626e31a8e) | — |
| **BNB Chain** |  |  |  |  |  |  |
| Owner | [0xcd63…f70e](https://bscscan.com/address/0xcd636d955a95385ec5e2776b167b92e89ef6f70e) | Single key | Earliest available state: 2026-10-20 | — | — | — |

**Past holders (1)**

| Role | Key | Type | Added | Removed | Days held | Granted by | Other assets |
|---|---|---|---|---|---|---|---|
| **Ethereum** |  |  |  |  |  |  |  |
| Owner | [0x0e4e…1a8e](https://etherscan.io/address/0x0e4e519691021d930072ff13c503a50626e31a8e) | Single key | [2023-05-31](https://etherscan.io/tx/0x5b5117917d8d27b26144b8caa49092f47429eb25f86abdb7398dbd4037482b15) | [2025-02-14](https://etherscan.io/tx/0x426fbcd14daf2cc3163eb52499d8df9137ab2c94f1ab5b0747e4740e604f3654) | 625 | [0xb2b9…96ff](https://etherscan.io/address/0xb2b98e8672d4aad438f6ffec581cfe6f745496ff) | — |

No onchain log history is available on BNB Chain; those rows start from the earliest available state.

## Change log

| Time (UTC) | Network | Event | Details | Transaction |
|---|---|---|---|---|
| 2025-12-09 19:34:11 | Ethereum | Implementation upgraded | 0xbf0f…eb92 | [0x3a1f…b53c](https://etherscan.io/tx/0x3a1fae1d446d0ee2b4e6b35038f9214694228a7c530745b90eed8ac3baa2b53c) |
| 2025-07-22 19:05:59 | Ethereum | Implementation upgraded | 0xe6b0…c9af | [0xe660…3da1](https://etherscan.io/tx/0xe6604cdd2277bb59df3da7be272ac975219833c35a899b51fe3f5782839d3da1) |
| 2025-02-14 20:00:35 | Ethereum | Ownership transferred | 0x0e4e…1a8e → 0x13ff…2dd6 | [0x426f…3654](https://etherscan.io/tx/0x426fbcd14daf2cc3163eb52499d8df9137ab2c94f1ab5b0747e4740e604f3654) |
| 2024-09-09 20:13:47 | Ethereum | Implementation upgraded | 0x52ac…0601 | [0x6ec3…ff2f](https://etherscan.io/tx/0x6ec3a47ddbf314d9fdc911dcd270cab22fac5dd165663c50d73efeedcb22ff2f) |
| 2024-04-05 00:58:35 | Ethereum | Implementation upgraded | 0xba66…03fa | [0x8998…09a6](https://etherscan.io/tx/0x8998a260d0ebbc53204cff3da12867e989dad88a2c30f18d50dc8477f04609a6) |
| 2024-04-01 16:57:11 | Ethereum | Implementation upgraded | 0x73f4…00d6 | [0x0446…fac5](https://etherscan.io/tx/0x04465133c048e1a4a98b237a9214c9a4627f46df23dcdff8bbf0342d4346fac5) |
| 2023-09-21 08:39:59 | Ethereum | Implementation upgraded | 0x8c87…35cc | [0x1ebc…be9d](https://etherscan.io/tx/0x1ebcf7d1c168734c87d4ffc6cd2a70dabaa9cbf0c5f51b377c0e0e3e1a05be9d) |
| 2023-07-06 18:49:23 | Ethereum | Implementation upgraded | 0x3f83…f7a1 | [0x96d1…a0a3](https://etherscan.io/tx/0x96d10ef22d1bf5e20f5189bfa717c5c618956320962a1ab377e6becc861ea0a3) |
| 2023-06-21 22:09:11 | Ethereum | Implementation upgraded | 0x5c08…c551 | [0xd110…11e9](https://etherscan.io/tx/0xd110c5cdf064ea590154080a3e5a7613215a8c70ce7463a52fcaebec68bd11e9) |
| 2023-05-31 22:48:59 | Ethereum | Ownership transferred | 0x0000…0000 → 0x0e4e…1a8e | [0x5b51…2b15](https://etherscan.io/tx/0x5b5117917d8d27b26144b8caa49092f47429eb25f86abdb7398dbd4037482b15) |

**Show 1 earlier events**

| Time (UTC) | Network | Event | Details | Transaction |
|---|---|---|---|---|
| 2023-05-31 22:48:59 | Ethereum | Implementation upgraded | 0x0dc0…699a | [0x5b51…2b15](https://etherscan.io/tx/0x5b5117917d8d27b26144b8caa49092f47429eb25f86abdb7398dbd4037482b15) |

## Leadership

- [Jeremy Allaire](https://galactic.inc/analytics/people/jeremy-allaire/) · Co-Founder, Chairman and Chief Executive Officer
- [Heath Tarbert](https://galactic.inc/analytics/people/heath-tarbert/) · President and Chief Legal Officer
- [Jeremy Fox-Geen](https://galactic.inc/analytics/people/jeremy-fox-geen/) · Chief Financial Officer
- [Nikhil Chandhok](https://galactic.inc/analytics/people/nikhil-chandhok/) · Chief Product and Technology Officer

## Contracts

| Address | Asset |  |
|---|---|---|
| [0x136471a34f6ef19fe571effc1ca711fdb8e49f2b](https://galactic.inc/analytics/usyc/ethereum/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b/) | US Yield Coin USYC | [Etherscan](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b) |
| 0x8D0fA28f221eB5735BC71d3a0Da67EE5bC821311 | US Yield Coin (BNB Chain) | [BscScan](https://bscscan.com/token/0x8D0fA28f221eB5735BC71d3a0Da67EE5bC821311) |

## Top 10 holders

| # | Address | Balance |
|---|---|---|
| 1 | [0xb1a6ac52a21435c744b5b4129b07e6c44bcd629b](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0xb1a6ac52a21435c744b5b4129b07e6c44bcd629b) (Ethereum) | 13,846,970.46 |
| 2 | [0xdd82875f0840aad58a455a70b88eed9f59cec7c7](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0xdd82875f0840aad58a455a70b88eed9f59cec7c7) (Ethereum) | 9,385,175.32 |
| 3 | [0x866c9a77d8ab71d2874703e80cb7ad809b301e8e](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0x866c9a77d8ab71d2874703e80cb7ad809b301e8e) (Ethereum) | 3,348,488.03 |
| 4 | [0xea9767f5aded872de492541aa2021d06238a5de8](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0xea9767f5aded872de492541aa2021d06238a5de8) (Ethereum) | 3,245,357.48 |
| 5 | [0x4e67722883ad992182e83b79bf06a93972963cac](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0x4e67722883ad992182e83b79bf06a93972963cac) (Ethereum) | 2,747,016.28 |
| 6 | [0xc7125da07a7110049ecc68f43bf10de4d45ca84e](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0xc7125da07a7110049ecc68f43bf10de4d45ca84e) (Ethereum) | 695,000.08 |
| 7 | [0xb3525a7d5bac0a2fe946b4fa9da0a3f951b64a58](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0xb3525a7d5bac0a2fe946b4fa9da0a3f951b64a58) (Ethereum) | 382,089.46 |
| 8 | [0x19ff1184fa488acfbcd26eb978e13854bfdbac68](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0x19ff1184fa488acfbcd26eb978e13854bfdbac68) (Ethereum) | 368,561.82 |
| 9 | [0xed96e247655361031aee6514cd1b89c7141b59d5](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0xed96e247655361031aee6514cd1b89c7141b59d5) (Ethereum) | 303,797.78 |
| 10 | [0x72fa53e74f96a7ffb78b644d113ed878acb7bf63](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0x72fa53e74f96a7ffb78b644d113ed878acb7bf63) (Ethereum) | 98,116.07 |

## Frequently asked questions

**What is USYC?**

USYC is a tokenized instrument that provides exposure to short duration US Treasuries and Reverse Repo on US Treasuries.

**Who issues USYC?**

USYC is issued by Circle.

**How is the USYC price on this page determined?**

The price is determined by the USYC Oracle provided by Circle.

## Related assets

- [USDY Treasuries · $2.34B](https://galactic.inc/analytics/usdy/)
- [JLTXX Treasuries · $741.8M](https://galactic.inc/analytics/jltxx/)
- [USTB Treasuries · $582.9M](https://galactic.inc/analytics/ustb/)
- [OUSG Treasuries · $320.1M](https://galactic.inc/analytics/ousg/)