Provider at a glance
- Category
- Tokenised T-Bills
- Entity
- All 6 Circle products
- Official website
- circle.com
Independent rankingchecked How it works
Details
Scored 70 out of 100 under methodology 2026.10.18, from the evidence read on file.
Circle USYC
Tokenised Treasury fund from Circle
Tokenised T-Bills
#3 Overall
Ranked #3 of 9 tokenised T-bills in the published ranking
70
ChainChoice Score
The ChainChoice Score, shown against 100: published scores run from 41 to 99.- Low evidence confidence
Is Circle USYC right for you?
Look elsewhere if these come first
- Open to you3/10 here; WisdomTree WTGXX scores 8
- Legal claim6/10 here; WisdomTree WTGXX scores 9
- Redemption reality6/10 here; Ondo OUSG scores 8
- Total fees5/10 here; WisdomTree WTGXX scores 6
Not yet tested for your country. Markets it lists: Europe, Global. Restricted: United States.
to test where you can use it.
The rank above is the published one, the same for every reader. Find my best tokenised T-bill shows where it lands for you.
What will Circle USYC cost you?
Not priced on this basis
- Your balance
- $10k
How safe is Circle USYC?
- Evidence: unknown4 of 4 criteria scored; no receipt file yet. The score is provisional until a quoted source is on file.
- LicenceMiCA (EU): no register record on file here.
- On the registersMiCA: authorised, CIRCLE INTERNET FINANCIAL EUROPE SAS (FR, since 2026-04-23). Read 3 November 2026. Open the register
Alternatives to Circle USYC
Compare all 4- 2WisdomTree WTGXX7 points above · stronger on open to you (8 against 3)77$25
- 4Janus Henderson Anemoy Treasury Fund (JTRSY)1 point below · stronger on total fees (6 against 5)69$25
- 5Ondo OUSG1 point below · stronger on redemption reality (8 against 6)69$30
For your setup
Find out if Circle USYC fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where Circle USYC lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.
- A few questions
- No account required
- Ranking-blind: no commercial input
- Personalised in under 60 seconds
Find my best tokenised T-billNothing is inferred from clicks, popularity or commercial value.
Why this rank
Why Circle USYC ranks #3
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (15.7 here) sit inside the score; availability, friction, trust record and measured data add the rest.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
303+2.883.08#4/9Loading evidence…
286+5.386.010#4/9Loading evidence…
246+4.616.08#2/9Loading evidence…
185+2.885.09#5/9Loading evidence…
Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−7behind WisdomTree WTGXX, #2
RobustnessOne point from changingacross a one-point change to each of its 4 criterion scores, the re-run scores 68–71 and ranks #3–#5
Evidence4 of 4 scoredno receipt file for this category
What would move the rank
Each line is the ranking run again with one of Circle USYC’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.
Who can actually buy it 3 → 7 on its ladder · passes WisdomTree WTGXX+477#3 → #2
Who can actually buy it 3 → 2 on its ladder · Janus Henderson Anemoy Treasury Fund (JTRSY) passes it−168#3 → #5
Legal claim quality 6 → 5 on its ladder · Janus Henderson Anemoy Treasury Fund (JTRSY) passes it−168#3 → #5
Redemption reality 6 → 5 on its ladder · Janus Henderson Anemoy Treasury Fund (JTRSY) passes it−168#3 → #5
Smallest climb: who can actually buy it 3 → 7 passes WisdomTree WTGXX, #2.
Strengths
0 from the score dataWhere it leads
No scored criterion is at or within one point of the category best, so no strength can be stated from the data.
Tradeoffs
4 from the score dataWhere it trails
Not for readers who put first
- Who can actually buy it — 3/10 against a category best of 8/10
- Legal claim quality — 6/10 against a category best of 10/10
- Redemption reality — 6/10 against a category best of 8/10
- Total fee load — 5/10 against a category best of 9/10
Record watch-outs
- US persons cannot buy it at ANY size (Reg S)
- $100,000 minimum — 38 holders is the honest description of access
- 10% performance fee scales with rates and is not capped
- Demand concentration: AUM fell $1.8B→$868M in 2025 when one counterparty changed terms
Competitive position
Where Circle USYC leads and where it trails
Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.
Availability#1 / 914.0 of 20 · pool best
Published criteria#4 / 911.8 of 30 · best 19.4
Friction#4 / 92.7 of 10 · best 7.3
Trust record#4 / 95.6 of 8 · best 6.4
Measured data#1 / 99.7 of 18 · constant here
Where Circle USYC leads
- Redemption reality#2 / 9
Where it trailsNo criterion in the bottom third of its pool.
Closest alternatives
The 3 nearest rows by score
Nearest by published score in either direction. Each card states the criteria on which the two rows differ and the cost difference under the same scenario inputs; the compare arithmetic below shows why the higher one ranks higher.
Janus Henderson Anemoy Treasury Fund (JTRSY)#4 of 9 · score 69 · 1.0 point behind
Circle USYC leads on
- Who can actually buy it3 vs 2
- Redemption reality6 vs 5
Janus Henderson Anemoy Treasury Fund (JTRSY) leads on
- Total fee load6 vs 5
Largest single reason Circle USYC is ahead: published criteria (+2.3 display points).Scenario cost: Circle USYC has no verified pricing for this scenario.
Ondo OUSG#5 of 9 · score 69 · 1.0 point behind
Circle USYC leads on
- Legal claim quality6 vs 4
Ondo OUSG leads on
- Redemption reality8 vs 6
Largest single reason Circle USYC is ahead: published criteria (+0.5 display points).Scenario cost: Circle USYC has no verified pricing for this scenario.
WisdomTree WTGXX#2 of 9 · score 77 · 7.0 points ahead
Circle USYC leads onNo scored criterion
WisdomTree WTGXX leads on
- Who can actually buy it8 vs 3
- Legal claim quality9 vs 6
- Total fee load6 vs 5
Largest single reason WisdomTree WTGXX is ahead: published criteria (+15.9 display points).Scenario cost: Circle USYC has no verified pricing for this scenario.
Against the leader
81 vs 70 · gap 11.0Why Franklin Templeton BENJI (FOBXX) ranks above Circle USYC
The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 11.0 to within rounding. Circle USYC is ahead on availability (+20.8 in its favour).
DimensionThisFranklin Templeton BENJI (FOBXX)Gap share
Availability · 23% weight14.06.0+20.8, better
Published criteria · 35% weight11.819.4−19.8, worse
Friction · 12% weight2.76.7−10.4, worse
Trust record · 9% weight5.66.4−2.1, worse
Measured data · 21% weight · constant here9.79.7same
Published criterionThisFranklin Templeton BENJI (FOBXX)Points
Who can actually buy it · w3038−4.80, worse
Legal claim quality · w28610−3.58, worse
Total fee load · w1858−1.73, worse
Net7081−11.0
Your scenario
Circle USYC is not priced for this scenario
The annual management fee on your balance. Excludes performance fees, spreads and any redemption charge. Change an input and every figure recomputes from the published rate; the published rank does not move.
your cost/yr · default scenario — set your own
Your balance · your input$10k
Rate read from the provider’s published pricing ↗ on 14 September 2026.
your cost/yrCost is stated as your cost/yr in USD; it is never a yield, never annualised, and it does not enter the score.
Not priced on this basis
Under the default inputs · USDCategory median$256 of 9 rows priced
Cheapest priced$15 · Invesco USTB (Superstate)Difference not stated · availability not applied — set your country to filterCompare with Invesco USTB (Superstate)
3 of 9 rows in this ranking have no verified rate for this scenario and are absent from the median, not counted as free.
Evidence
No evidence reading date recorded
One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.
4 of 4 cells scored
Score evidenceUnknownno observation on file
No structured observation on file for this category; the strengths are the catalog’s published values.Public receiptsReading…category publishes no receipt file
The receipt file has not been read yet.Evidence confidenceNot yet ratedcoverage and corroboration, never freshness
No structured observation on file for this category; the receipt count is not counted.RobustnessOne point from changingrank #3 to #5 across one-point re-runs
Whether the position holds when one criterion score is changed by one point and the ranking is run again. It is always a re-run of the ranking, never an estimate.No structured observation is on file for this provider in this category; the strengths are the catalog’s published values.
9 listed rows in this category still await an evidence read and sit outside the scored pool.
Reading the evidence ledger…
CriterionSourceTypeReadFreshnessStatusReceipt
Who can actually buy itstrength 3 · weight 30Report an error——
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Legal claim qualitystrength 6 · weight 28Report an error——
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Redemption realitystrength 6 · weight 24Report an error——
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Total fee loadstrength 5 · weight 18Report an error——
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.How you can lose money here, and what the ranking scores
- Insolvency failure (Circle USYC 6/10): the firm or issuer that owes you cannot pay.Scored by Legal claim quality · 28%
- Regulatory failure (Circle USYC 3/10): no licence where you are, or a forced market exit.Scored by Who can actually buy it · 30%
- Exit failure (Circle USYC 6/10): you cannot get out at par, on time, or with what is yours.Scored by Redemption reality · 24%
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Information failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: Total fee load (18%).
Facts
facts, not scoresWhat the record publishes
- Pricing
- No defensible single annual rate — model it as 10% of what the fund earns. Circle's fee table lists no management fee, but charges a 10% PERFORMANCE fee on yield: about 35bp a year at Circle's estimated gross yield of 3.55% (3.20% net, as shown on 14 Sep 2026). Subscription fee 0.04% and redemption fee 0.03%, but the first $1M of combined daily subscription and redemption volume per wallet per UTC day is free for eligible investors on Ethereum and Solana; fees apply only to volume above that. After-hours subscriptions carry a variable fee based on a projected next price, and unlimited instant redemptions are available for a fee. Minimum $100,000.Circle USYC product page ↗ · 14 September 2026
- Prices published in
- USDCircle USYC product page ↗ · 14 September 2026
- Licences held
- Not published
- Compliance level
- full
- Regulatory note
- Not published
- Supported chains
- Ethereum, Solana, BNB Chain
- Markets served
- europe, global
- Primary markets
- Institutional and qualified investors
- Restricted markets
- United States
- Operating limits
- Non-US persons only; $100,000 minimum; KYC and wallet allowlisting required.
- Availability note
- Non-US persons only under Regulation S — US citizens, residents and US-organised entities excluded entirely. EU/UK retail excluded in practice by the minimum.
Legal entity on file: Circle, placed in 6 products. Only confirmed entities are shown; nothing is inferred from the brand name.
If something goes wrong with Circle USYC: where to complain, and where to report a scam
Loading the routes for your country.
How this page is reviewed
Reviewed means this product in this category was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
History
What the record carries
Changes to published ranks are recorded in a ledger; every step and its cause is listed on the rank-history page. The entries below begin with the current verified snapshot, then the methodology versions whose changes applied to this category, newest first.
12 methodology entries
- currentCurrent verified snapshot · methodology 2026.10.18Score 70, #3 of 9. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
- 15 October 2026
2026.10.10The live-data rule names the researched market measurements a criterion reads- changed The live-data rule names a second kind of figure a score reads: a researched, dated market measurement a criterion's ladder is built on, read again on the 45-day review. /methodology/live-data lists the 14 criteria that read one; no score, rank or order changes.
- changed A saved decision is checked again on the answers the reader saved. The drift check had merged a priority suggested by the market (price swings, gas) into those answers, so a market reading could move a saved decision's #1; the published ranking never read it.
- added On every build a test reads every criterion's published ladder: one that names a market quantity or a market-data source must be declared, and every scored row of a declared criterion must carry the source and the date its figure was read.
- 10 October 2026
2026.10.8When nothing serves your country, the list shown for reference is the published ranking · platform-wide- fixed The reference list shown when nothing serves your country is the published order with the published scores, and a build check now fails any such list out of that order or with a score the ranking does not publish.
- fixed The explorer prints an overall rank only for a row the published ranking holds; a country entrant such as Coinbase Commerce for US merchants shows no overall rank.
- changed Published orders do not move. Country results change only where nothing serves the country: in India bill pay keeps Bitcoin Well first and now shows Strike second, as published; 35 such runs across all categories and countries now match the published list exactly.
- 10 October 2026
2026.10.7Forty-one more products are offered only where their own quoted terms serve- fixed 141 country exclusions on 31 rows, each the name of a country the row's own quoted terms exclude: for example Mercuryo Hungary, China, Pakistan, Bangladesh, Chile, Colombia and Morocco; Gemini Custody the United Kingdom, Australia and the EU after its wind-down; Backed xStocks the US, Canada, the UK, Australia, Nigeria, the Philippines and Venezuela.
- changed Thirteen rows list the only countries their terms serve: Coins.ph the Philippines, Spritz bill pay, Brex, Unchained, WisdomTree, Franklin BENJI and AnchorWatch the United States (with its territories for AnchorWatch), PRYPCO Mint the UAE, N26 crypto seven EU countries, Gemini Tokenized Stocks the EU, XNET the US, Canada and the UK, Coldbit Steel and MetaMask Card the countries they list.
- changed Published (no-country) orders do not move. Country results change: in India six categories each lose one row (bill pay, cards, off-ramps, P2P, seed backup, tokenised real estate), and bill pay there has no row confirmed available, so it shows the published order marked as such; country pages list 23 fewer rows (24,357 to 24,334). The grounding test now matches full country names in any case, which shows seven earlier exclusions were quoted all along: the named debt of unquoted exclusions falls from 40 to 33 pairs.
Methodology 2026.10.18, the same published run every visitor sees · receipt tokenised_tbills:circle_usyc:2026.10.18:4ec2d9728d0f
Are you Circle USYC? Reply to this verdict, or send evidence, ask for a correction or claim the listing. Every message gets a public ticket number; none of it changes a rank unless a public page or a signed statement supports it.