First retail access to USYC, built on Arc
USYC is Circle's tokenised treasury fund. It pays institutional yield onchain, settles around the clock, and asks a hundred thousand dollars to get in. Bankarc holds that door open and asks for one.
The fund's minimum
$100,000
USYC subscription floor
Ours
$1
enforced in the vault contract
Settlement
Under 1s
Arc deterministic finality
Cost to move
~$0.001
gas on Arc is USDC
How the money moves
One subscription into USYC
The pool meets the fund's hundred thousand dollar minimum once, so no saver ever has to.
A vault on Arc for liquidity
Cash sits where it can be reached, so small redemptions settle in a single block.
A capped slice of receivables
Spread comes from where the money cannot be reached quickly, with junior capital taking the first loss.
Yield returns to the pool
Nothing is claimed and nothing is staked. The price of every share simply rises.
Every saver earns, from one dollar
Institutional yield at retail size, redeemable in under a second.
What is already built
Circle has done the work that used to be impossible. A regulated treasury fund, issued onchain as USYC, settling in under a second on a chain where a transfer costs a tenth of a cent.
One thing is still missing. The minimum subscription is a hundred thousand dollars. Someone saving a hundred and twenty dollars a month, the person this was built for, would need 834 months to reach the first rung. That gap is the entire reason Bankarc exists.
How the door opens
Bankarc is the allowlisted holder. It subscribes once, as an institution, and issues you a share of that single position. The hundred thousand applies to the pool, never to you.
Your balance never moves. The price of your share does, which is exactly how the fund underneath already works, so nothing is invented and nothing has to be trusted.
Where the money sits
The pooled position resolves into three places. Treasury bills carry the yield, a liquid vault carries the cash, and receivables carry the spread.
Treasury bills
Liquid, capped by the fund
Vaults on Arc
Liquid, one block
Receivables
30 to 90 days
The structure
Cash sits where it can be reached. Spread comes from where it cannot. USYC carries the core of the book, a liquid vault covers same block redemptions, and a capped slice of receivables earns the difference. The vault always reports what could actually be redeemed right now.
Circle's tokenised treasury fund
Short duration US government paper and reverse repo, held as one institutional position on behalf of the pool. Bankarc is the allowlisted holder and calls the Teller directly. Redemption is instant up to the fund's own capacity and T+0 or T+1 beyond it, and the vault reports that limit instead of hiding it.
Redemption
Instant, capped by the fund
Where the yield comes from
Any ERC-4626 market
A liquid sleeve that can be unwound in a single block. This is what lets a small redemption settle immediately instead of joining a queue, and it is the sleeve that works on day one.
Redemption
Instant
Where the cash waits
Invoices from small businesses
A business invoices today and waits three months to be paid. Bankarc pays now and takes the discount. Illiquid by construction, capped by policy, and protected by capital that is not yours.
Redemption
30 to 90 days
Where the spread comes from
The part most sites bury
Institutional capital sits underneath retail and absorbs credit losses first. Drag the default rate and watch which blocks go. Past a point, savers are written down too. We would rather you find that here than in a disclosure you never opened.
Savers are untouched. Junior absorbs the loss in full and keeps the coverage floor intact.
Each block is $100,000. Ten million dollar book, two million of junior capital. Blocks leave in the same order InvoiceCreditPool applies losses: junior net asset value first, then seniorPrincipal.
The fund behind the door
Bankarc adds no new instrument in front of the treasury sleeve and takes no view the fund does not already take. It subscribes to USYC on Arc as an institution, and passes the result through at retail size.
Circle
A tokenised money market fund holding short duration US treasury bills and reverse repo. Yield accrues through a rising token price, with no staking and nothing to claim, and redemption into USDC settles in near real time.
circle.com/usyc
Figures as published on circle.com/usyc, read 26 September 2026. Shares of the fund are offered to non US persons only.
Circle
The layer one where USDC is the gas token. Sub second finality and a fee near a tenth of a cent are what make a one dollar deposit worth settling onchain at all.
Why this chain
Time is the product. A business waits ninety days to be paid and sells that wait at a discount. A saver waits nothing at all, because settlement on Arc is final in under a second and gas is denominated in USDC rather than a volatile token.
That is why a deposit of a single dollar is worth processing at all. On a chain where one transfer can cost more than the deposit, this product does not exist. Arc is the first place it does.
Invoice tenor
30 to 90d
Settlement finality
< 1s
Cost to transfer
~$0.001
Finality and fee target are Arc network parameters, not Bankarc claims. Source: docs.arc.io, gas and fees, 26 September 2026.
Verify, do not trust
Every address the vault touches on Arc testnet, and every number this site quotes, with its source and its date. Bankarc's own contracts appear here the moment they are deployed, not before.
| Contract | Address on Arc testnet | What it does |
|---|---|---|
| USDC, the gas token | 0x3600000000000000000000000000000000000000 | 6 decimal ERC-20 interface |
| USYC | 0xe9185F0c5F296Ed1797AaE4238D26CCaBEadb86C | tokenised money market fund shares |
| USYC Teller | 0x9fdF14c5B14173D74C08Af27AebFf39240dC105A | subscribe and redeem, allowlist required |
| USYC Entitlements | 0xcc205224862c7641930c87679e98999d23c26113 | the allowlist itself |
| Bankarc SavingsVault | not deployed | ERC-4626, written and tested, awaiting testnet release |
That is the whole difference between the fund and this front door. The app runs against Arc testnet today. Deposit, watch the share price move, and redeem, with the queue state shown exactly as the contract reports it.