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Binance has reached a new partnership with Circle, integrating Circle's yield-generating asset USYC.
PANews, July 25 – According to The Block, Binance is incorporating Circle's yield-bearing asset USYC into its collateral options for institutional clients. This move is the latest collaboration between Circle and Binance. Binance's institutional clients can now hold USYC—a tokenized money market fund similar to BlackRock's BUIDL fund—and use it as collateral for over-the-counter derivatives trading. USYC will also be natively issued on the BNB chain, "allowing USYC users to explore the on-chain world more seamlessly." According to data from RWA.xyz, USYC has approximately $686 million in assets on-chain, primarily invested in U.S. government securities through reverse repurchase agreements.