Circle's latest IPO filing disclosed that it acquired Hashnote in January 2025 for "$9.9 million in cash and approximately 2.9 million vested common shares" for a total consideration of approximately "$99.8 million." The transaction also includes "the issuance of up to approximately 1.8 million shares of common stock with vesting conditions to certain Hashnote employees," which will be recognized in instalments as compensation costs. Circle plans to issue 24 million Class A common shares priced in a range of $24 to $26 per share. Hashnote was originally founded with a $5 million investment from Cumberland Labs, the issuer of USYC, and USYC's position in tokenized Treasury products has been declining since Circle's acquisition, according to RWA.xyz.