Circle has acquired Hashnote, the issuer of the US Yield Coin (USYC), to enhance its presence in the tokenized real-world asset market. This acquisition also includes the launch of what is described as the world's largest tokenized money market fund, integrating USYC with USDC to facilitate cash-token convertibility. The partnership with global trading firm DRW is expected to improve liquidity for USDC. Experts suggest that Circle's acquisition could signal the start of a competitive phase in the $14 trillion tokenization market. Circle has emphasized its position as the largest regulated stablecoin network globally.