Editors News- Together with the asset manager, it established a government money market fund.
- The official blog article states that it will be exclusive to Circle.
krug, the stablecoin USDC’s issuer, recently made a public announcement that it will put a part of the USDC reserves into the Circle Reserve Fund. BlackRock established the SEC-compliant fund, which will invest mostly in cash and US Treasury securities.
Together with the asset manager, it established a government money market fund. The official blog article states that it will be exclusive to Circle. Since November 3, the company has been working to transfer the reserves backing the USDC stablecoin to the Circle Reserve Fund. This transition is scheduled to be completed by the end of the first quarter of 2023.
Najava glasi,
“Danas, kroz naše partnerstvo s BlackRockom, počeli smo ulagati u Circle Reserve Fund kako bismo upravljali dijelom USDC rezervi. Circle Reserve Fund je registrovani državni fond tržišta novca prema Pravilu 2a-7 kojim upravlja BlackRock Advisors, LLC, a njegov portfelj će se sastojati od gotovine i kratkotrajnih američkih trezora.”
Bear Market Impact
After BlackRock led Circle’s $400M fundraising round in April, the two companies expanded their strategic alliance. The asset manager was apparently assigned the role of “a primary asset manager of USDC cash reserves.”
Last year saw a huge increase in the use of stablecoins, but the current bear market has slowed that growth. Tether (USDT) held on to its lead, while USDC lagged well behind, allowing Binance USD (BUSD) to surge ahead.
Statistics from CoinMetrics show that the supply of USDC has been trending downward in recent weeks. However, the stablecoin remains the dominant quote asset in Defi and on decentralized exchanges (DEXs).
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Source: https://thenewscrypto.com/circle-to-invest-in-blackrock-managed-circle-reserve-fund/