> ## Documentation Index
> Fetch the complete documentation index at: https://developers.circle.com/llms.txt
> Use this file to discover all available pages before exploring further.

# USYC overview

<Note>
  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.
  For details, see [Investor
  Onboarding](https://help.circle.com/s/article/Investor-Onboarding?language=en_US\&category=With_USYC)
  in the Circle Help Center or contact
  [customer-support@circle.com](mailto:customer-support@circle.com).
</Note>

USYC is the onchain representation of Hashnote International Short Duration
Yield Fund Ltd. ("SDYF"). SDYF invests primarily in reverse repurchase
agreements (reverse repo) backed by U.S. government securities.

USYC is issued by Circle International Bermuda Limited, regulated by the Bermuda
Monetary Authority (BMA), and represents an interest in a Cayman Islands mutual
fund licensed by the Cayman Islands Monetary Authority (CIMA).

Interacting with USYC onchain is seamless through an audited smart contract.
Subscriptions and redemptions are available 24/7/365 and settle atomically in
real time (T+0).

USYC includes the following features:

* **Onchain settlement**: USYC positions are entered or exited by exchanging
  USDC. No offchain steps or intermediaries are required.
* **Yield profile**: Assets earn the overnight federal funds rate through
  reverse repo agreements.
* **Transparency**: The token price and fund holdings are published through an
  onchain Oracle. The token contract is audited and verified on Etherscan.
* **Composability**: USYC integrates with the existing DeFi ecosystem as a
  standard ERC-20 token.

To learn how to integrate USYC, see
[Quickstart: Subscribe and Redeem USYC Using the Teller Smart Contract](/tokenized/usyc/subscribe-and-redeem).

For more information about USYC, see the
[Circle Help Center](https://help.circle.com/s/category?language=en_US\&name=Tokenized_Funds).