Circle’s USYC has cleared Canton’s Tokenomics review for Featured App status. The September 9 decision moves the request to the Super Validator voting stage.
USYC is already available on Canton. It represents shares in a tokenized money-market fund that invests in U.S. Treasury bills and short-term lending backed by government securities. Returns accumulate through an increase in the token’s value as the fund earns income.
USYC can be redeemed into USDC, with near-real-time redemptions subject to available liquidity and operating conditions. Access to the fund requires onboarding and is restricted to eligible non-U.S. investors.
The Featured App request concerns how USYC’s activity on Canton qualifies for network rewards. The original application covers trading, use as collateral, and the creation and redemption of USYC against USDC.
Under Canton’s Featured App rules, qualifying activity can earn Canton Coin rewards for the application provider. That connects the designation to use of the fund on the network, including eligible asset transfers and settlement activity.
