Circle spent approximately $100 million to acquire Hashnote, primarily in the form of stock

ChainCatcher news, according to The Block, stablecoin issuer Circle's IPO filing disclosed that it acquired the tokenized startup Hashnote for $9.9 million in cash and approximately 2.9 million shares of fully vested common stock (totaling about $99.8 million) in January 2025.

It is reported that Hashnote, which was launched with a $5 million investment from Cumberland Labs, is the issuer of the U.S. Yield Coin (USYC), and since the acquisition, its market share in tokenized U.S. Treasury products has declined.

Previously, Circle planned to issue 24 million Class A common shares (priced at $24-26 per share) through the IPO, raising approximately $600 million, while denying acquisition rumors from Coinbase and Ripple.