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 record 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 Superseded the same day: the control reading stopped at the token ABI and missed the RolesAuthority contract every transfer checks, which gates both wallets and can pause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. Superseded records.
Subscribers see which of their clients hold this program, each household’s answer against these terms, and an alert when the file changes. $49 per advisor per month, first 14 days free.
The verdict is on the memo: Circle USYC Not approved
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- 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. Individuals, trusts, and IRAs are not offered.
“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 holding the entitlement role. The contract checks 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
Into USDC in near real time, up to the instant-redemption limit. More liquidity can be arranged.
“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
Fund shares held at the transfer agent. The tokens are digital twins; the fund administrator updates the share registry to match.
“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
The entitlements contract can halt every USYC transaction at once while suspicious activity is resolved.
“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 | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| 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
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| 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 at block 26037153, 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 at block 449565333, 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 |
How it exits
| Path | Settlement | Settles in |
|---|---|---|
| Redeem with the issuer in its window | Into USDC in near real time, 24 hours a day, up to the instant-redemption limit; larger amounts by arrangement | USDC |
- Circle opens a share class to U.S. persons or changes the $100,000 minimum
- The Ethereum implementation, owner, or the RolesAuthority contract every transfer checks changes, or a blacklist is added
- The Solana mint, freeze, or permanent-delegate authority changes, or the pausable extension is used
- A NAV impairment, a missed redemption inside the published window, or a token-administration incident
- Circle publishes the BSC, Canton, or NEAR contract identities; those chains are then read and added
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote, since a fund of this kind accrues a few basis points a day. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A key that appears, disappears, or changes shape counts as a change only when the chain’s own log shows the grant, revocation, or signer change between yesterday’s block and today’s; a difference the log does not show updates this file’s key list and nothing more. A change opens a review item in the governance queue and reopens the file before any client action. Subscribers get an email naming each of their clients who hold it, with the household result.
File history
Revised 3 times since it was filed. Each superseded copy is kept as published, with the reason it was replaced.
| 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