Circle Internet Financial Starts Moving USDC Reserves To Dedicated Fund Managed By BlackRock
Circle Internet Financial revealed on Thursday that it has begun moving its USDC stablecoin reserves into a dedicated fund managed by BlackRock. The fund, known as the Circle Reserve Fund.
In a blog post on Thursday, Circle revealed it has begun moving its USDC stablecoin reserves into a dedicated fund set up by BlackRock.
The new fund, called the Circle Reserve Fund, is a government money market fund managed by BlackRock and registered with the U.S. Securities and Exchange Commission (SEC).
Circle will be the sole accredited investor, and Circle’s USDC reserves are expected to be fully transferred into the fund by the end of March next year.
According to Circle’s weekly disclosure, $43.9 billion USDC is currently in circulation backed by $44.1 billion in cash and short-term U.S. government bonds. The new fund’s portfolio will also include cash and US Treasuries.
The company said the assets of the new fund will be managed by BNY Mellon. The new fund is governed by the Investment Companies Act, which requires companies to have independent boards of directors and daily reports on their portfolios.
BlackRock previously participated in Circle’s $400 million funding round in April
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Circle Internet Financial Starts Moving USDC Reserves To Dedicated Fund Managed By BlackRock
Circle Internet Financial revealed on Thursday that it has begun moving its USDC stablecoin reserves into a dedicated fund managed by BlackRock. The fund, known as the Circle Reserve Fund.
In a blog post on Thursday, Circle revealed it has begun moving its USDC stablecoin reserves into a dedicated fund set up by BlackRock.
The new fund, called the Circle Reserve Fund, is a government money market fund managed by BlackRock and registered with the U.S. Securities and Exchange Commission (SEC).
Circle will be the sole accredited investor, and Circle’s USDC reserves are expected to be fully transferred into the fund by the end of March next year.
According to Circle’s weekly disclosure, $43.9 billion USDC is currently in circulation backed by $44.1 billion in cash and short-term U.S. government bonds. The new fund’s portfolio will also include cash and US Treasuries.
The company said the assets of the new fund will be managed by BNY Mellon. The new fund is governed by the Investment Companies Act, which requires companies to have independent boards of directors and daily reports on their portfolios.
BlackRock previously participated in Circle’s $400 million funding round in April
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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