Dear HashKey Exchange Clients,
HashKey Earn Channel is pleased to announce the upcoming listing of US Yield Coin (USYC) (the "Product").
USYC, administered by Circle International Bermuda Limited, is designed to provide eligible investors with access to short-term U.S. dollar yield. Each USYC token represents a share in Hashnote International Short Duration Yield Fund Ltd., whose portfolio primarily consists of short-duration U.S. Treasury bills and reverse repurchase agreements backed by short-term U.S. government securities. Yield generated by the underlying Fund is reflected through changes in the USYC price. HashKey Exchange will provide subscription and redemption services for eligible clients through the HashKey Earn Channel.
The Product has not been authorized by the Securities and Futures Commission of Hong Kong ("SFC") and is available only to eligible Professional Investors. Clients must complete all applicable client suitability assessments, product risk acknowledgements and other regulatory onboarding requirements before they are permitted to access the Product.
Product Details:
| Item | Details |
| Product Name | US Yield Coin (USYC) |
| Fund Name | Hashnote International Short Duration Yield Fund Ltd. |
| Token Administrator | Circle International Bermuda Limited |
| Product Type | Tokenized Money Market Fund |
| Underlying Exposure | Primarily short-duration U.S. Treasury bills and reverse repurchase agreements backed by short-term U.S. government securities |
| Eligible Clients | Professional Investors |
| Subscription / Redemption Currency | USDC |
| Subscription Settlement | Subscription requests submitted through the HashKey Earn Channel will be processed upon receipt, subject to product availability and applicable operational arrangements. |
| Redemption Settlement | Redemption requests submitted through the HashKey Earn Channel will be processed upon receipt, subject to product availability and applicable operational arrangements. |
| Dealing Frequency | Daily* |
| Minimum Subscription | 1 USDC |
| Minimum Redemption | N/A |
| Fees | • Platform Subscription Fee: 0% • Platform Redemption Fee: 0.2% |
*Subscription and redemption requests may be submitted on a daily basis and are not subject to a daily cut-off time. Orders will be processed upon receipt, subject to product availability, applicable operational arrangements and other relevant conditions.
Note: Processing may be delayed or temporarily unavailable due to product availability, system maintenance, market conditions or other operational circumstances. HashKey Exchange does not charge a subscription fee and charges a 0.2% platform fee on redemptions. The underlying Fund charges a performance fee equal to 10% of the yield generated, which is charged by the Fund issuer and reflected in the Fund’s net performance. This performance fee is not charged by HashKey Exchange. Product terms, fees, minimum transaction amounts and other operational parameters may be updated from time to time. Please refer to the latest information displayed on the order page and official platform announcements.
Important Notes
Please read the following carefully before investing in the Product.
Complex Product
The Product is classified as a complex product. Investors should exercise caution in relation to the Product. Before investing, investors should ensure that they fully understand the nature, features and risks of the Product and carefully consider whether the Product is suitable for them in light of their investment objectives, financial circumstances, risk tolerance and investment experience.
Client Eligibility
The Product is available only to eligible Professional Investors who satisfy the applicable requirements of HashKey Exchange and the Product. Clients must complete all applicable onboarding, suitability assessments and regulatory requirements before transacting in the Product.
Investment Exposure and Yield
USYC provides exposure to a portfolio primarily consisting of short-duration U.S. Treasury bills and reverse repurchase agreements backed by short-term U.S. government securities.
Yield generated by the underlying Fund is reflected through changes in the USYC price, rather than through separate interest distributions or reward payments.
Subscription and Redemption
Subscription and redemption requests may be submitted through the HashKey Earn Channel on a daily basis using USDC and are not subject to a daily cut-off time.
Orders will be processed upon receipt, subject to product availability and applicable operational arrangements. Under certain circumstances, including insufficient product availability, system or network disruptions, market conditions, regulatory requirements or other operational circumstances, processing may be delayed, suspended or an order may not be accepted.
Transfer Restrictions
On HashKey Exchange, the Product is currently available for subscription and redemption through the HashKey Earn Channel only.
Deposits and withdrawals of USYC to or from external wallets, transfers between HashKey Exchange users, and secondary market trading of USYC are not supported. Investors may exit their investment only by submitting a redemption request through the HashKey Earn Channel, subject to the applicable operational arrangements.
Product Arrangements
HashKey Exchange may adjust, suspend or discontinue the Product or related services where required due to product arrangements, market conditions, regulatory requirements, operational considerations or other applicable circumstances.
Product terms, minimum transaction amounts, subscription and redemption arrangements and other operational parameters may be updated from time to time. Where reasonably practicable, clients will be notified in advance.
Product-Specific Risk Warnings
Investing in USYC involves risks, including but not limited to the following:
- The Product's underlying Fund primarily invests in short-duration U.S. Treasury bills and reverse repurchase agreements backed by short-term U.S. government securities. The value and yield of the Product may be affected by changes in interest rates, market conditions, liquidity and other market factors.
- The Product utilizes blockchain technology and smart contracts and may therefore be subject to blockchain network, smart contract and other technology-related risks.
- The Product uses USDC for subscription and redemption. Any material event affecting USDC, including market, regulatory, liquidity or operational developments, may affect the subscription, redemption or settlement of the Product.
- Subscription and redemption are subject to product availability and applicable operational arrangements. HashKey Exchange does not guarantee that all orders will be processed immediately or successfully.
- The Product is dependent on the underlying Fund, Circle International Bermuda Limited as Token Administrator, and other relevant service providers. Issues affecting these parties may adversely affect the Product.
- The underlying Fund may enter into reverse repurchase agreements and is therefore exposed to counterparty risk. A counterparty's failure to perform its obligations may adversely affect the Fund and the value of the Product, notwithstanding the collateral supporting such transactions.
- The Product is not protected by any deposit protection scheme and does not guarantee principal or returns.
- Past performance and any historical, indicative or estimated yield are not indicative of future performance. Investors may lose part or all of their invested capital.
Investors should carefully review the relevant Offering Documents, product documentation and risk disclosures before making any investment decision, and assess whether the Product is suitable for them based on their investment objectives, financial circumstances, risk tolerance and investment experience.
More Information
For further information, please refer to:
Notice on Management of Voting Rights
HashKey Exchange does not exercise any voting rights that may be associated with the Product on behalf of its clients. Any rights associated with Fund shares, if applicable, will be handled in accordance with the Fund’s governing documents and applicable arrangements.
Legal disclaimer: This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice; or (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information. HashKey Exchange does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. HashKey Exchange shall not be liable for any consequences thereof.
Risk warning and disclosure:
- Trading in tokenized investment products on HBL's Earn Channel and using the Product Dealing Services involves risks, some of which are set out below. These risks, and additional risks arising either now or in the future, could result in the loss, failure or destruction of your assets, inability to receive any benefits available to you, other losses and termination of our Product Dealing Services.
- You must consider carefully whether the risks set out below, as well as all other applicable risks (including those described in the offering documents of each product), are acceptable to you prior to any transaction in tokenized investment products on our Earn Channel.
- You must seek professional advice regarding your particular situation before transacting in tokenized investment products or using our Product Dealing Services.
- The risk of loss in transactions involving tokenized investment products can be substantial. You should therefore carefully consider whether such transactions are suitable for you in light of your investment objectives, financial circumstances, your tolerance to risks and your investment experience. You should be capable of bearing a full loss of the amounts invested as a result of or in connection with any transaction in tokenized investment products and any additional loss over and above the initial amounts traded or invested that may become due and owing by you. In considering whether to trade or invest, you should inform yourself and be aware of the risks generally, and in particular, should note the following specific risk factors which may apply to any given transaction in tokenized investment products.
- Whilst the information regarding the tokenized investment products on our channel may be helpful to you when making an investment decision, the information and data contained in this document are for reference only. It does not constitute (i) an offer, solicitation, invitation or recommendation for buying or selling the product or (ii) investment advice. You should therefore consider whether the information is appropriate for your needs.
- Past performance of a tokenized investment product is not a reliable indicator of future performance. Such historical performance data are calculated based on retrospective market conditions, technological infrastructure, and regulatory frameworks that may no longer apply. Such data does not constitute a guarantee, projection, or promise of future results. You should not base your investment decisions solely on historical performance data.
- Please refer to our Earn Channel User Terms & Risk Disclosure for more information.
Hash Blockchain Limited
Hash Blockchain Limited is responsible for the issue of this material in Hong Kong. It is licensed by the Securities and Futures Commission for Types 1 and 7 regulated activities under the Securities and Futures Ordinance, and has obtained a license to operate a virtual asset trading platform under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). HashKey Exchange does not service users from Mainland China, United States and certain other jurisdictions in compliance with laws and regulations. This material has not been reviewed by the Securities and Futures Commission of Hong Kong or any other regulator.
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