Hashnote, a digital asset manager supported by Cumberland and DRW, has announced a strategic collaboration with Paxos, a leading regulated blockchain infrastructure provider. The collaboration aims to integrate PayPal USD (PYUSD) into Hashnote’s yield-bearing USYC, enhancing collateral efficiency for market makers, traders, and institutions.
Hashnote’s USYC token yield is backed by investments in US Treasury Bills, repurchase (repo), and reverse repurchase (reverse-repo) agreements. It offers short-term, risk-free rate returns, leveraging on-chain transaction speed, transparency, and composability. The collaboration with Paxos enables instantaneous conversion between USYC and PYUSD through a two-way atomic settlement process.
PYUSD, an open and programmable stablecoin issued by Paxos, is backed by US dollar deposits, US treasuries, and cash equivalents. Earlier in 2023, Paxos expanded its product lineup to include PYUSD. Now, Hashnote customers can transform their idle stablecoins into yield-generating assets without additional risks, seamlessly minting and redeeming USYC in and out PYUSD.
The partnership substantially raises the cap on immediate minting and redemption, ensuring liquidity for even the largest institutions. Both Hashnote and Paxos are focused on cryptocurrencies within a regulatory and security framework, benefiting customers globally.
Paxos Trust Company, the issuer of PYUSD, is regulated by the New York State Department of Financial Services. Hashnote is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a Commodity Pool Operator (CPO) and its fund is registered as a mutual fund with the Cayman Islands Monetary Authority (CIMA).
About Paxos:
Paxos is the leading regulated blockchain infrastructure and tokenization platform, used by global enterprises like PayPal, Interactive Brokers, Mastercard, and more. It is the issuer of regulated digital assets including PYUSD, Pax Dollar (USDP), and Pax Gold (PAXG). Prudentially regulated by the NYDFS and MAS in Singapore, Paxos has raised more than $540 million from investors including Oak HC/FT, Declaration Partners, Founders Fund, and PayPal Ventures. With offices in New York, London, and Singapore, Paxos is modernizing the financial system. About Hashnote:
Hashnote is the world’s premier on-chain first asset manager, delivering transparent, secure, and simple on-chain investments to institutional and high-net-worth investors. Its principals have a combined 50+ years of experience in traditional finance, banking, options trading, software engineering, and blockchain technology. Hashnote aims to redefine finance for the future.
