Price Reporting

USYC price is reported to the USYC Oracle, a Chainlink-style smart contract, once per business day after the Prime Brokerage has reported the prior day's activity.

 

USYC price report typically occurs at 6:45 am ET (subject to delays due to operational or technical reasons). The price is reflected onchain once all subscriptions, redemptions, and accrued interest are reconciled.

Token Price Calculation

USYC price is calculated based on the Net Asset Value (NAV) of the Prime Brokerage account divided by the total supply of USYC on issue:

New investors purchase USYC at the current token price.

 

Effective Subscription Price

Redemptions use the current USYC price, while subscriptions use the Effective Subscription Price.  This ensures subscriptions reflect whether the capital started earning yield that day

 

For subscription with USDC:

• Between the USYC price report and 2:00 pm ET, the Effective Subscription Price is equal to the current USYC price, This results in equal pricing for subscriptions and redemptions during this window.

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• After 2:00pm ET, the Effective Subscription Price reflects a forecast of the next price update.

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This may result in different pricing for redemptions and subscriptions.

 

Trade Activity

Trade activity occurs Monday to Friday, excluding US Federal Holidays. The results of the trade activity will reflect the next morning. For example:

• Monday --- trade takes place and accrues interest overnight

• Tuesday --- trade activity is reconciled and reported onchain in the morning

Interest Calculation

The USYC Oracle provides principal and interest at each price update to compute the current APR.

 

The principal and interest can be used to compute the overnight interest rate. Forecasted interest must include multi-day accruals (e.g., a Friday repo earns interest through the weekend).

 

Integration

USYC Oracle

The USYC Oracle adheres to the Chainlink aggregator interface.

Etherscan

https://etherscan.io/address/0x4c48bcb2160F8e0aDbf9D4F3B034f1e36d1f8b3e#readProxyContract

ABI

https://etherscan.io/address/0x3B7ad4835d817181592788A7E6D588D334e0426b#code

Web2 API

USYC portal provides a JSON API of indexed and normalized onchain price reports.

Mainnet

https://usyc.hashnote.com/api/price-reports

Sepolia

https://usyc.dev.hashnote.com/api/price-reports

 

 

 

Circle International Bermuda Limited is licensed to conduct digital asset business by the Bermuda Monetary Authority.