USYCIs Circle USYC (USYC) a security?
#43 by market cap · Last updated Oct 19, 2026 (evidence re-checked)At a glance
Likely security-type risk- ConfidenceLowMedium-HighHigh
- US exchange accessNot on Coinbase US list
- Regulator (if enacted)SEC
- Evidence4 sources · 1 official
Is Circle USYC (USYC) a security?
Unclear. The issuer's own documents describe the token as a share or note in an investment fund or product offered under securities laws (or securities-law exemptions). The SEC states that 'a security is a security regardless of whether it is issued... onchain.'
This token is treated as a security, so US securities laws already apply to it. Whether you can buy or hold it depends on the issuer's own eligibility rules, so check the issuer's official documents before acting.
What should I do if my token is "security risk"? →
Why this status
- R4: the issuer's own documents describe the token as a share or note in an investment fund or product offered under securities laws (or securities-law exemptions). The SEC states that 'a security is a security regardless of whether it is issued... onchain.'
- This is a security by design, not a finding of wrongdoing. These products are usually only for eligible (often non-US or accredited) investors.
Decentralisation ("mature blockchain" test): Issuer-controlled fund share (centralized by design).
Evidence (4 sources)
1 official
- BackgroundThird-partyOct 19, 2026 · CoinGecko
Project description: USYC: Tokenized Money Market Fund Hashnote International Short Duration Yield Fund Ltd.
CoinGecko: Circle USYC ↗ - BackgroundThird-partyOct 19, 2026 · Hashnote / Circle
Issuer docs: USYC represents an interest in a Cayman Islands mutual fund; 'tokens represent shares in the fund'. Issued by Circle International Bermuda.
USYC docs: Product structuring ↗ - Exchange listingThird-partyAbsent / not foundOct 19, 2026 · Coinbase
USYC does not appear on Coinbase's 'US (incl. NY) Trading Assets' list (other US platforms not checked).
Coinbase Digital Asset Disclosures: 'US (incl. NY) Trading Assets' list ↗ - RegulatorOfficial sourceMar 23, 2026 · Federal Register (SEC & CFTC)
SEC interpretation: 'A security is a security regardless of whether it is issued, or otherwise represented, offchain or onchain.' Tokenized securities remain securities.
SEC interpretation (with CFTC guidance): Application of the Federal Securities Laws to Certain Types of Crypto Assets, Release 33-11412 ↗
Rules by country
Likely security-type risk (ClarityCheck estimate, medium-high confidence). The CLARITY Act is not law, so today the SEC's and CFTC's existing frameworks apply.
Under MiCA, trading in the EU runs through authorised crypto-asset service providers (CASPs). We haven't yet checked token-specific MiCA white paper filings for USYC. ESMA register ↗
The UK's new FCA cryptoasset regime starts on Oct 25, 2027. Firms can apply from Sept 30, 2026 until Feb 28, 2027. There's no token-by-token classification list; the rules apply to the firms that offer the token. FCA ↗
USYC questions
Is Circle USYC (USYC) a security?
There's a strong basis for treating it as a security: The issuer's own documents describe the token as a share or note in an investment fund or product offered under securities laws (or securities-law exemptions). The SEC states that 'a security is a security regardless of whether it is issued... onchain.' Not legal advice.
Can I buy USYC on US exchanges?
US access: Not on Coinbase US list. Availability can differ by state and by exchange. See our exchange safety checker.
What would the CLARITY Act change for USYC?
This token is treated as a security, so US securities laws already apply to it. Whether you can buy or hold it depends on the issuer's own eligibility rules, so check the issuer's official documents before acting.
How reliable is this USYC status?
Confidence is Medium-High. It comes from fixed rules applied to 4 cited sources (checked Oct 19, 2026), not from opinion. Statuses can change as courts, regulators and Congress act.
Change log
2 entries
- Status reviewEvidence-based review: status set to 'Likely security-type risk' (Medium-High confidence) using ClarityCheck rules. Replaces earlier illustrative demo data.
- SEC interpretation: 'A security is a security regardless of whether it is issued, or otherwise represented, offchain or onchain.' Tokenized securities remain securities. Source ↗
Snapshot Oct 19, 2026 · Prices by CoinGecko