Catenaa, Friday, May 30, 2025- Stablecoin issuer Circle disclosed it paid nearly $100 million to acquire tokenization platform Hashnote, according to updated IPO filings with US regulators on Tuesday.
The deal, completed in January, had drawn attention when announced but lacked financial details until Circle’s amended S-1 registration was filed with the Securities and Exchange Commission.
The filing shows Circle paid $9.9 million in cash and issued roughly 2.9 million fully vested common shares, bringing the total consideration to approximately $99.8 million.
Circle, which operates the USDC stablecoin, is aiming to raise up to $600 million through its upcoming initial public offering. The company plans to offer 24 million shares of Class A common stock, priced between $24 and $26 each.
The acquisition also includes provisions for up to 1.8 million additional shares to be issued to Hashnote employees, subject to vesting. These shares will be accounted for as compensation costs over the applicable service period.
Founded with backing from Cumberland Labs, Hashnote is the issuer of the US Yield Coin (USYC).
Since the acquisition, USYC has lost market share to BlackRock’s BUIDL fund, which now commands nearly $3 billion in tokenized Treasury assets, according to RWA.xyz data.
Circle has rejected reports of potential acquisition interest from Coinbase and Ripple.
The company continues to position itself as a key player in the expanding digital assets infrastructure sector.
