Circle starts pouring money into its reserve fund and aims to fill it in 2023
The Circle Reserve Fund is managed by BlackRock under the custody of Bank of New York Mellon.
New
Circle, the issuer behind USD Coin (UDSC), has announced that it has now started investing a portion of its funds in Circle Reserve Fund, which was established earlier in a partnership with the largest manager of assets in the world, BlackRock. The move is part of Circle's efforts to minimize risk and ensure its holders can get their coins refunded.
According to a November 3 corporate blog post, the Circle Reserve Fund is a Rule 2a-7 registered government money market fund managed by BlackRock, with a portfolio consisting of cash and government bonds. Short-term US Treasury.
The fund is only available for Circle. The company will use a portion of its proceeds to purchase new Treasury holdings and store them in the reserve fund under the custody of Bank of New York Mellon. The process would have started on November 3 and should be completed by the end of the first quarter of 2023.
The Circle Reserve Fund complies with the Investment Companies Act 1940, including being subject to an independent board of directors, and will report daily on portfolio holdings.
Related: BNY Mellon, America's Oldest Bank, Launches Crypto Services
USDC is still not as popular across the US border. According to the recent statement from Coinbase Crypto Exchange, there is currently three times as much USDC being purchased with US dollars compared to other currencies. Nevertheless, the US dollar-pegged cryptocurrency remains the second-largest stableco...
The Circle Reserve Fund is managed by BlackRock under the custody of Bank of New York Mellon.
New
Circle, the issuer behind USD Coin (UDSC), has announced that it has now started investing a portion of its funds in Circle Reserve Fund, which was established earlier in a partnership with the largest manager of assets in the world, BlackRock. The move is part of Circle's efforts to minimize risk and ensure its holders can get their coins refunded.
According to a November 3 corporate blog post, the Circle Reserve Fund is a Rule 2a-7 registered government money market fund managed by BlackRock, with a portfolio consisting of cash and government bonds. Short-term US Treasury.
The fund is only available for Circle. The company will use a portion of its proceeds to purchase new Treasury holdings and store them in the reserve fund under the custody of Bank of New York Mellon. The process would have started on November 3 and should be completed by the end of the first quarter of 2023.
The Circle Reserve Fund complies with the Investment Companies Act 1940, including being subject to an independent board of directors, and will report daily on portfolio holdings.
Related: BNY Mellon, America's Oldest Bank, Launches Crypto Services
USDC is still not as popular across the US border. According to the recent statement from Coinbase Crypto Exchange, there is currently three times as much USDC being purchased with US dollars compared to other currencies. Nevertheless, the US dollar-pegged cryptocurrency remains the second-largest stableco...
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