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

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 the 1st of November and the 23rd of December 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.