Circle Internet Group, Inc. and Binance have announced a new collaboration aimed at enhancing support for tokenized Real-World Assets (RWAs) among Binance’s institutional clientele. The partnership enables Binance institutional customers to hold Circle’s USYC, a tokenized money market fund (TMMF), and utilize it as off-exchange collateral for derivatives trades. This functionality is designed to unlock additional yield opportunities, mirroring practices found in traditional financial markets. USYC holdings will be managed through supporting banks via Binance Banking Triparty or Ceffu, Binance’s institutional custody partner. USYC will be natively issued on BNB Chain, providing users with a more streamlined pathway to explore the on-chain ecosystem and the potential of tokenized traditional assets. This development comes at a time of increasing demand for tokenized interests in US Treasuries, which have reportedly nearly doubled since the beginning of 2025. USYC is engineered for near-instant fungibility with USDC, a feature that aims to improve capital efficiency by allowing users to transition between tokenized cash and Treasuries in near real-time. Kash Razzaghi, Chief Business Officer at Circle, commented on the collaboration, stating, “USYC’s integration with Binance unlocks new possibilities for institutional capital efficiency. Its near-instant redemption into USDC makes it an obvious fit for modern collateral use in digital markets.” Catherine Chen, Head of Binance VIP & Institutional, added, “We’re committed to building secure, accessible, and capital-efficient offerings for institutions. The integration of USYC into Binance’s trading environment represents a major step forward in our support for the future of capital markets.” USYC is a digital asset token representing a share of the Hashnote International Short Duration Fund Ltd., a Cayman Islands registered mutual fund. Circle International Bermuda Limited (CIBL), a Bermuda Monetary Authority licensed digital asset business, serves as its token administrator. Shares of the Fund and USYC are available exclusively to non-U.S. Persons, as defined under the Securities Act of 1933, as amended, with additional eligibility restrictions potentially applying.