Stablecoin issuer Circle has begun moving its USD Coin (USDC) reserves into a private fund registered with the US Securities and Exchange Commission (SEC), founded by the world’s largest asset manager BlackRock.
Circle November 3 In a press release published on its official website on BlackRock founded by a money market fund He said they started to invest. In the statement, the fund named Circle Reserve Fund has cash and short-term from US Treasury bills stated to occur.
The company fund only by Circle It is open to investment and the revenues generated will be regenerated as reserves develop. will invest in stated. The process of transferring assets November 3 Circle stated that it started on end of the first quarter of 2023 until the process to be completed said they were waiting. In addition, the fund’s custodian bank is one of the largest in the world. Bank of New York (BNY) Mellon was also included in the information provided.
CFO of Cricle Jeremy fox–geen In a statement to CoinDesk, the company all short-term bonds will gradually transfer it to the fund, but 20% of cash reserve stated that the amount will be transferred to the fund. CEO, USDC continuously convertible cash assets only to ensure a small part stated that they decided to transfer it to the fund. On the other hand, Fox-Geen’s main goals are cash assets Federal your reserve opposite repo announced that it was to be evaluated in the program.