Hashnote brings USYC to the Canton Network to offer the first tokenized money market fund with built-in privacy
NEW YORK, Oct. 15, 2024 /PRNewswire/ — Hashnote, the on-chain first digital asset manager backed by DRW and Cumberland, and Canton Network, launched by Digital Asset in collaboration with more than 30 financial industry leaders, announce that Hashnote’s yield-bearing US Yield Coin (USYC) is now available on the Canton Network. USYC on Canton benefits from the network’s unique privacy properties, enabling USYC holders to hold and deliver collateral across the Canton Network without anyone other than the issuer and the holder knowing.
“What particularly stands out for us, and for many of our clients, is the privacy of your assets and transactions when using Canton, which can be crucial for trading use cases. The setup allows us to reduce counterparty and settlement risks and optimize capital efficiency without sacrificing privacy. Furthermore, USYC is fully composable on the Canton Network, so participants can create additional utility around USYC by including it in their trading, cash, and risk management workflows,” said Leo Mizuhara, Founder and CEO of Hashnote.
Hashnote’s USYC invests in reverse repo activities on government-backed bonds. It is designed to offer tokenized short-term risk-free rate returns, leveraging the benefits of rapid on-chain transaction speed, transparency, and composability. USYC’s AUM is at $300 million and growing (https://usyc.hashnote.com/). The Canton Network’s Global Synchronizer allows risk-free and privacy-protected value exchange across apps in the Canton Network via atomic transactions.
“Access to tokenized real-world assets on-chain has been steadily on the rise and we are now seeing demand from institutional investors who want to utilize these assets across daily margin, cash, and risk management activities,” said Eric Saraniecki, Co-Founder and Head of Network Strategy at Digital Asset. “Privacy is required to make this a reality, unlocking cash equivalents for use as collateral 24/7, in real-time, and connecting Hashnote’s customers to the largest and most diverse network for tokenized real-world financial assets.”
Hashnote is one of the early movers leveraging Digital Asset’s Canton asset tokenization utility, enabling firms to securely and quickly bring digital assets to institutions connected on the Canton Network. The utility provides an asset registry application with out-of-the-box smart contracts to create tokenized assets with embedded privacy, and a credential management capability to onboard investors, manage permissioning, and ensure direct investor ownership and control over assets.
The Canton Network’s Global Synchronizer implements an economic model centered around Canton Coin, a native utility token. Apps that provide value to the Canton Network can earn and mint their own rewards. Hashnote is one of the first apps approved by the Global Synchronizer Foundation to be able to mint Canton Coin via application rewards, and USYC holders on Canton can earn validator rewards when interacting with USYC on the Network.
Media Contacts:
Hashnote: peter@ergonia.io
Canton Network: digitalasset@chatsworthcommunications.com
About Hashnote:
Hashnote is the world’s premier on-chain asset manager, employing the best parts of blockchain technology with the most trusted parts of traditional finance. Hashnote delivers transparent, secure, and simple on-chain investments to institutional and high-net-worth investors. Hashnote’s principals are professionals with a combined 50+ years in traditional finance/banking, options trading, software engineering, and blockchain technology at global trading and investment companies. Hashnote builds what finance will look like in ten years.
Hashnote is built with the support of DRW Holdings, one of the largest and most respected trading firms in the world, and Cumberland, the first and biggest institutional crypto OTC liquidity provider.
About Canton Network:
The Canton Network is the financial industry’s first and only public chain that can achieve on-chain privacy, control, and interoperability, making it the most suitable network for institutional assets. The Network launched for testing with the participation of a group of leading financial institutions, infrastructure providers, technology firms, and consultants in August 2023. Initially built upon Digital Asset’s technology, the Network’s controls, governance, and app development have been open-sourced and decentralized to be managed by all participants, with the goal of fostering greater innovation and Network utility. The Canton Network’s design overcomes the shortfalls of existing blockchain networks by enabling previously siloed systems in finance to become interoperable and synchronized in ways that had been impossible before. Offering the privacy and controls required for highly regulated organizations, the Canton Network creates a safe environment in which assets, data, and cash can move freely across applications in real time, unlocking new efficiencies and powering innovation.
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SOURCE Digital Asset (US) Corp. & Hashnote
