Stablecoins and tokenized money market offerings delivered by Circle present ICE with the lucrative potential to develop new solutions and offerings for its large customer base.
Intercontinental Exchange Inc. (ICE) and Circle Internet Group, Inc. have signed an agreement to explore the use of Circle’s stablecoin USDC and tokenized money market USYC for the sake of creating new financial products.
ICE, a global tech company that operates digital networks, financial technology services, and global markets, including the New York Stock Exchange, aims to integrate Circle’s USDC into its investing products and assess other potential applications for stablecoins in capital markets. The partners have signed a Memorandum of Understanding (MoU) and will collaborate to explore the use of Circle’s digital assets within ICE’s exchanges, clearinghouses, and data services.
“We believe Circle’s stablecoins and tokenized digital currencies can play a larger role in capital markets as digital currencies become more trusted by market participants as an acceptable equivalent to the US Dollar. We are excited to explore the potential use cases for USDC and USYC across ICE’s markets.”
Lynn Martin, President of the New York Stock Exchange
USDC is one of the most popular and reliable stablecoin assets on the market. It is a fully reserved stablecoin designed to maintain parity with the US dollar. As of March 26, 2025, over $60 billion USDC were in circulation, backed by cash and cash-equivalent assets. Most reserves are held in the SEC-registered Circle Reserve Fund (USDXX). USDC is the second-largest stablecoin by market capitalisation after Tether (USDT). Its market cap has recently reached a new all-time high, surpassing $60 billion, driven by a favourable environment and increased adoption.
Circle’s tokenized money market offering, US Yield Coin (USYC), is issued by Hashnote, which Circle acquired in January 2025. The fund has a total value locked (TVL) of over $730 million. As similar offerings by different providers start to gain market traction, ICE’s offering might benefit from its use as well.
Circle is a financial technology company that issues USDC and EURC stablecoins and provides blockchain-based payment solutions. It enables businesses to integrate digital currencies into financial operations. The stablecoin issuer has become the first of its kind to receive a French license for its fiat-pegged digital assets to debut in the European Union under one of the world’s most comprehensive regulatory regimes for digital assets – MiCA.
