stablecoin into a dedicated fund set up by BlackRock and registered with the U.S. Securities and Exchange Commission, the company disclosed Thursday.– a government money market fund managed by BlackRock Advisors – has been in the works for months after BlackRock initially sought to register it in May. Circle will be its only eligible investor, and the stablecoin issuer has already started putting its reserves there, expecting to be “fully transitioned” by the end of March.
But that's a temporary measure, he explained, because the ultimate goal is for BlackRock to apply – in time – to get the fund into the These efforts will"improve the risk profile and oversight and the disclosures around USDC reserve," he said.$44.1 billion in cash and short-term U.S. government bonds The assets will be held at the Bank of New York Mellon, according to Circle, where the fund will be subject to regulation under the Investment Company Act of 1940, which requires an independent board and daily reports on the portfolio., the world’s biggest asset manager, when the firm invested in Circle’s funding round announced in April.
federalreserve circle jfg_circle jesseahamilton BlackRock won't save $USDC from collapse though
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federalreserve circle jfg_circle jesseahamilton INTERESTING. Invest in DeFi stablecoin issuer and then ask them to handover reserves to you so you can use that money in tradfi.
federalreserve circle jfg_circle jesseahamilton So surprising that BlackRock works for bankers... who would have thought they had tentacles like that? eye roll.
federalreserve circle jfg_circle jesseahamilton Well, there goes circle.
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federalreserve circle jfg_circle jesseahamilton 🚀Thnkss a millon