A post by @circle on X.

Circle said the underlying fund for its USYC token has shifted from mostly overnight reverse repo into longer-dated U.S. Treasury Bills, while the token, issuer and USDC subscription and redemption flows remain unchanged. The move extends the duration of the yield-bearing asset backing USYC, a tokenized money market product, without altering how investors enter or exit the position. Circle framed the change as a same-token transition, meaning existing holders keep identical exposure mechanics while the portfolio's collateral mix changes. The disclosure matters because it alters the interest-rate and duration profile of a token marketed as a cash-like instrument. What to watch next is whether the longer T-bill weighting changes USYC's yield relative to overnight repo benchmarks and whether other tokenized treasury issuers follow with similar duration shifts.