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USDC Could Get Access to Fed’s RRP via BlackRock Partnership

USDC stablecoin could get indirect access to the Federal Reserve’s risk-free liability, as its partner BlackRock is set to apply for the Fed’s reserve repo (RRP) program.

Circle CFO Jeremy Fox-Geen recently announced that the stablecoin issuer had started investing in the Circle Reserve Fund.

The Circle Reserve Fund is managed by BlackRock, which qualifies Circle as an indirect investor in the government money market fund. The reserve will comprise 20% cash held at the Bank of New York Mellon, and 90% short-term U.S. Treasuries.

Fox-Green said that the reserve fund will increase investors’ confidence in the stability and redeemability of their USDC holdings, 1:1 for U.S. dollars at any time.

Circle said that it will convert all its existing Treasury holdings into the Circle Reserve Fund by the end of March 2023.

(By Christian Nwobodo)

stablecoin BlackRock
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