Circle’s USYC hits $2.68B as 95% of AUM moves to BNB Chain: Details

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In a surprising turn, Circle’s USYC, a Tokenized Money Market Fund (TMMF), has surged from $150 million to $2.68 billion in Assets Under Management (AUM) within just five months. Now the largest fund of its kind, USYC has also recorded an estimated net yield increase of 3.18%.

For context, USYC was built by Circle for institutions to earn yield while keeping their funds easily accessible on-chain.

When did things turn around for Circle’s USYC?

That being said, $BNB Chain becomes the key player here, as about 95% of AUM sits on this blockchain network. If looked at deeply, then November 2025 was the driving force behind this growth.

Remarking on which Dune noted,

This created a demand flywheel that no other tokenized T-bill has matched.

Circle’s 2025 annual report shows that USYC’s Assets Under Management (AUM) grew by about $592 million between November 1 and December 23, 2025. In less than two months, the fund expanded from $948 million to $1.54 billion, making it the world’s second‑largest Tokenized Money Market Fund (TMMF).

Thus, the expansion to the $BNB chain along with USYC’s addition to Solana [SOL] strengthened USYC’s game.

How did Binance Chain act as a catalyst?

Meanwhile, Binance stablecoin reserves increased to $45.5 billion thanks to a $2.5 billion surge in March inflows.

This is a massive trend reversal where Binance’s stablecoin reserve changed from three months of outflows worth $7.6 billion to inflows.

Additionally, April also seems to be recording inflows because, as per the latest update, it has already recorded more than $1 billion in net inflows.

Circle’s $USDC vs. Tether’s $USDT

This comes as Circle’s $USDC outpaces Tether’s $USDT in transaction volume since the start of 2026. Additionally, Circle’s stock price was trading at $92.15 after a hike of 2.09%.

All this comes on the heels of a recent update wherein Circle plans to move early on Post-Quantum Cryptography (PQC), reflecting how security priorities are changing across the market.

Final Summary

Circle’s USYC becomes the second-largest TMMF after recording an AUM of $2.68 billion.
Binance acts as a catalyst, and its stablecoin reserves surging to $45.5 billion are also working as a positive playlist in the background.