Bermudian-based Circle, the global financial technology firm, has launched a crypto yield and treasury solution for enterprises and corporate treasury leaders, Circle Yield.

Regulated by the Bermuda Monetary Authority, the company said this solution builds on the island’s long standing leadership and reputation in organising institutional capital.

Under Circle's Class F DABA licence, which was first granted in 2019, Circle said the expansion of BMA oversight to include the newly launched high yield offering represents an important expansion of Circle's products, as well as of the types of institutional capital formation now possible in Bermuda.

Noting that the island has been long home to one of the world's most important and innovative risk capital markets for the insurance, reinsurance and captive industry, with more than $100 billion in risk capital regulated in Bermuda, Circle said it is offering a well-regulated alternative yield market for institutional investors and corporate treasurers domiciled in the United States and Switzerland.

Under the BMA's authority, Circle said its high yield solution provides an early access period to institutional investors to leverage yield generating opportunities in a safe, sound and compliant manner in support of high growth digital assets and crypto markets.

During this early access period, Circle Yield will be limited to US or Swiss-based companies and institutional investors and the company said it will continue working collaboratively with the BMA and the Government of Bermuda to ensure ongoing responsible financial services innovation serving institutional customers from a competitive Bermuda-based regulatory platform.

Jeremy Allaire, Circle's co-founder and CEO, said: "Circle was the world's first fintech company to receive the BMA's Class F ("Full") DABA license and ever since we have maintained a deep commitment to Bermuda and building the future of money and payments on the Internet, with Bermuda being an important part of our global operational platform.”

He added: “With the launch of Circle Yield, together with our recent strategic capital raise, we look forward to building our operations in Bermuda to support substantial corporate treasury demand for crypto assets and yield, while at the same time supporting Circle's overall market expansion strategy.”

David Burt, the Premier, said: "Circle is a true pioneer in the blockchain-based economy. Their selection of Bermuda to launch the world's first regulated institutional yield product is a testament to the attractiveness of Bermuda's regulatory framework and our regulator the Bermuda Monetary Authority.

“It showcases how key players like Circle are leveraging Bermuda's long standing reputation as one of the world's most innovative financial services hubs to power a revolution in the Internet of value.

“Circle has been a key driver of this movement and we are honoured that Circle calls Bermuda home and continues to invest in the island.”