Circle, the creator of stablecoin USDC (USDC), announced on March 13 plans to bring its Hashnote Tokenized Money Market Fund (TMMF) under Bermuda regulatory oversight through the company’s existing Digital Assets Business Act (DABA) license.Hashnote, which Circle acquired in January 2025, is the issuer of USDY, the largest tokenized treasury and money market fund with a total value locked (TVL) of $900 million, according to DefiLlama. The fund’s TVL has fallen from $1.9 billion as of Jan. 7.Hashnote USYC TVL over time. Source: DefiLlamaRelated: Wall Street is betting on $30T RWA tokenization market prospectsAccording to the announcement, Circle intends to fully integrate USDY with USDC, which would allow for access between the TMMF and the stablecoin. The company believes that this will make USDY “the preferred form” of yield-bearing collateral on crypto exchanges, including for custodians and brokers.According to Freeman Law, Bermuda enacted one of the first legal and regulatory frameworks for governing digital assets. Circle was the first firm in crypto to receive a license under the Bermuda Monetary Authority in September 2021. Bermuda’s Digital Assets Business Act currently permits three types of licenses for companies conducting business under the Act.Tokenized RWAs a “$30-trillion opportunity”In August 2024, Colin Butler,