Circle Reserve Fund is custodied at the Bank of New York Mellon.
The issuer of the stablecoin USDC – Circle – announced investing in the Circle Reserve Fund to manage a portion of the USDC reserves.
The SEC-registered fund was set up by BlackRock, and its portfolio will consist of cash and US Treasury funds.The government money market fund was created in partnership with the asset manager. According to the official, it will only be available to Circle. The process of moving the reserves for its USDC stablecoin to the Circle Reserve Fund began on November 3 and is expected to be fully transitioned by the end of the first quarter of 2023.
With the competition from rival issuers heating up, Circle is aggressively pushing to bolster USDC’s market position. As such, the company recently announced plans to accelerate its multi-chain strategy throughout the remainder of the year and into 2023. This includes rolling out its stablecoin across five networks – Polkadot, Optimism, Near, Arbitrum and Cosmos.in-Principle Approval as a Major Payments Institution License holder from the Monetary Authority of Singapore .
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