Circle USYC
Solana: can freeze a holder, pause transfers, claw back, gate who may hold, mint. A single key can pause transfers. An account only a program can sign for can change the code with no delay.
In plain words on RIADeFi: Circle USYC.
This file replaced an earlier version on 2026-09-23. Superseded the same day: the control reading stopped at the token ABI and missed the RolesAuthority contract every transfer checks, which gates both wallets and can pause all transfers. The file said no allowlist and no pause. Same claim model, terms, and exit. Earlier versions.
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: Circle USYC Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- Who may hold it
Only entities that are not US Persons under Regulation S, and that pass Circle’s eligibility checks.
“USYC is available only to entities that are not U.S. Persons, as defined in Regulation S under the Securities Act of 1933. Eligibility restrictions apply.”
Circle developer docs: USYC overview · USYC overview, opening notice · words found 2026-09-23
- First purchase minimum
$100,000.
“USYC offers yield-bearing exposure with a $100,000 minimum, allowing firms to stay agile while deploying capital efficiently.”
Circle: USYC product page, circle.com/usyc (Wayback Machine capture, July 25, 2026) · ”Institutional access without large upfront commitments” · words found 2026-09-23
- Account types
Entities only; Circle does not offer USYC to individuals, trusts, or IRAs.
“Information about USYC is directed only to entities who are not US Persons, as defined in Regulation S under the Securities Act of 1933.”
Circle (Hashnote) USYC docs: Investor Onboarding · Eligibility, footnote 1 · words found 2026-09-23
- Who it may be transferred to
Only between wallets of KYC’d entities that hold the entitlement role, which the contract checks on every transfer.
“The wallets associated with KYC’ed entities receive a Role that entitles them to hold and transfer the token.”
Circle (Hashnote) USYC docs: Product Structuring · Entitlements · words found 2026-09-23
- How a holder redeems
Holders redeem into USDC in near real time up to the instant-redemption limit and may arrange more liquidity.
“USYC can be redeemed into USDC in near real time up to the instant-redemption capacity, with optional access to additional immediate liquidity.”
Circle: USYC product page, circle.com/usyc (Wayback Machine capture, July 25, 2026) · ”Near-instant redemptions” · words found 2026-09-23
- Who keeps the official record
The transfer agent holds the fund shares, and the tokens represent them on chain; the fund administrator keeps the share registry matched to the tokens.
“Ownership in SDYF is represented as shares at the Transfer Agent, and whose digital twins are represented onchain as a Smart Contract token (ERC-20 specification).”
Circle (Hashnote) USYC docs: Product Structuring · Ledger · words found 2026-09-23
- What the issuer says it can freeze or take back
Circle can halt every USYC transaction at once through the entitlements contract while it resolves suspicious activity.
“The Entitlements contract can also freeze all transactions involving USYC. As every type of action involving USYC verifies the Role of the sender, the Allowlist is positioned to revert all transactions.”
Circle (Hashnote) USYC docs: Product Structuring · Entitlements, System Halt · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Ethereum | No | Yes | Yes | Yes | Yes | A single key can pause transfers. |
| Solana | Yes | Yes | Yes | Yes | No | A single key can pause transfers. An account only a program can sign for can change the code with no delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Ethereum | Owner | grant and revoke these powers | a single key | 0x13ff…2dd6 |
| Ethereum | Authority owner | pause transfers, decide who may hold, grant and revoke these powers | a single key | 0x8fb0…2fc0 |
| Solana | Mint authority | mint new tokens | an account only a program can sign for | DZ7j2Y…i63y |
| Solana | Freeze authority | freeze a holder | an account only a program can sign for | DZ7j2Y…i63y |
| Solana | Permanent delegate | claw back tokens | an account only a program can sign for | DZ7j2Y…i63y |
| Solana | Pause authority | pause transfers | a single key | EMMxae…vPZL |
| Solana | Transfer-hook authority | decide who may hold, change the code | an account only a program can sign for | DZ7j2Y…i63y |
Ethereum: 3 contract reads, 5 functions in verified source, 2026-09-23
- eip1967.implementation=0xbf0f2f3aad6b99893d80c550fbacec915545eb92
- owner()=0x13ff8cabb86edf94a2df4f98773bda4005182dd6
- authority()=0x902d906b8d988092213be799b18bd2cbd64f808c
- canCall in verified source 0xb59b…0c76
- pause in verified source 0xb59b…0c76
- burn in verified source 0xbf0f…eb92
- mint in verified source 0xbf0f…eb92
- upgradeTo in verified source 0xbf0f…eb92
Solana: 4 contract reads, 0 functions in verified source, 2026-09-23
- mintAuthority=DZ7j2YLDq7847t2HtCWaDQUTpLJ4BinPGsY8w9Aai63y
- freezeAuthority=DZ7j2YLDq7847t2HtCWaDQUTpLJ4BinPGsY8w9Aai63y
- permanentDelegate=DZ7j2YLDq7847t2HtCWaDQUTpLJ4BinPGsY8w9Aai63y
- defaultAccountState=frozen
Where it trades
| Venue | Kind |
|---|---|
| Circle USYC portal | issuer primary |
Redemption
| Route | Settlement | Settles in |
|---|---|---|
| Redeem with the issuer in its window | Holders redeem into USDC in near real time, 24 hours a day, up to the instant-redemption limit, and arrange larger amounts separately | USDC |
- Circle opens a share class to U.S. persons or changes the $100,000 minimum
- The Ethereum implementation, the owner, or the RolesAuthority contract that checks every transfer changes, or Circle adds a blacklist
- The Solana mint, freeze, or permanent-delegate authority changes, or Circle uses the pausable extension
- A NAV impairment, a missed redemption inside the published window, or a token-administration incident
- Circle publishes the BSC, Canton, or NEAR contract addresses; Ketju will then read those chains and add them
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote, since a fund of this kind accrues a few basis points a day. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has revised this file 3 times since filing it. Ketju keeps each earlier version as published, with the reason for the change.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
| 2026-09-23 | Revised. Superseded the same day: the control reading stopped at the token ABI and missed the RolesAuthority contract every transfer checks, which gates both wallets and can pause all transfers. The file said no allowlist and no pause. Same claim model, terms, and exit. |
| 2026-09-23 | Revised. Superseded the same day: the file called the token the official record (issuer direct) while its own transfer-agent line said the administrator keeps the register. The documents reviewed do not settle which governs, so the claim model and the official record now say Not stated. |
| 2026-09-23 | Revised. Superseded to quote the issuer’s terms: Circle’s documents say ownership is shares at the transfer agent and the administrator updates the register, which settles the open question; the claim model is now issuer indirect. Redemption is into USDC, around the clock, up to the instant limit. |
Sources
- Circle developer docs: USYC overview · primary · accessed 2026-09-23
Supports: available only to entities that are not U.S. Persons under Regulation S, T+0 settlement, who may-hold - Circle: USYC product terms and fund facts · primary · accessed 2026-08-01
Supports: $100,000 minimum, Cayman mutual fund, Treasury bills and reverse repos - Circle developer docs: USYC portal subscription and redemption · primary · accessed 2026-08-01
Supports: portal onboarding, redemption window - Circle developer docs: USYC public price and entitlement APIs · primary · accessed 2026-08-01
Supports: published NAV price, entitlement check - Verified implementation on Ethereum (Sourcify) · primary · accessed 2026-09-23
Supports: owner-gated mint, burn from a holder address, upgradeTo - Circle: USYC product page, circle.com/usyc (Wayback Machine capture, July 25, 2026) · primary · accessed 2026-09-23
Supports: minimum, redemption - Circle (Hashnote) USYC docs: Investor Onboarding · primary · accessed 2026-09-23
Supports: account types - Circle (Hashnote) USYC docs: Product Structuring · primary · accessed 2026-09-23
Supports: transfer, record, freeze