{"id":69566,"date":"2022-11-04T12:57:23","date_gmt":"2022-11-04T10:57:23","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69566"},"modified":"2025-09-07T20:46:47","modified_gmt":"2025-09-07T17:46:47","slug":"circle-shifts-part-of-usdc-reserves-into-a-blackrock-managed-fund","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/circle-shifts-part-of-usdc-reserves-into-a-blackrock-managed-fund\/","title":{"rendered":"Circle shifts part of USDC reserves into a BlackRock-managed fund"},"content":{"rendered":"<p>Circle has begun transferring reserves of the USD Coin (USDC) stablecoin into a special fund created by BlackRock and registered with the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cInitially we managed the USDC reserves to minimise risks (liquidity, counterparty, operational, reputational and so on) so that stablecoin holders could be confident that their assets are safe and can be exchanged 1:1 for US dollars at any time,\u201d the firm said.<\/p>\n<\/blockquote>\n<p>Circle Reserve Fund, under BlackRock Advisors, is a money-market fund registered under applicable rules. Its assets will consist of cash and short-term U.S. Treasury securities.<\/p>\n<p>As the government securities mature, proceeds will be used to purchase new ones.<\/p>\n<p>The custodian is Bank of New York Mellon. The institution already holds the bonds backing USDC&#8217;s reserves.<\/p>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>, the circulating supply is about 42.13 billion USDC. According to <a href=\"https:\/\/www.circle.com\/en\/transparency\">Circle<\/a>&#8216;s site, as of October 27 the assets backing the stablecoin were valued at $44.1 billion.<\/p>\n<p>In July, co-founder and CEO Jeremy Allaire <a href=\"https:\/\/forklog.com\/en\/news\/circle-ceo-reveals-details-of-usdc-backing\">revealed details of the reserves<\/a> of USDC. The initiative was aimed at strengthening trust in the asset amid industry problems following <a href=\"https:\/\/forklog.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">the Terra collapse<\/a>.<\/p>\n<p>In the same month the firm <a href=\"https:\/\/forklog.com\/en\/news\/circle-releases-first-monthly-report-on-usdc-reserves\">published the first monthly report<\/a> on the status of USDC&#8217;s backing.<\/p>\n<p>In November, Circle <a href=\"https:\/\/forklog.com\/en\/news\/usdc-and-usdp-issuers-obtain-licences-to-operate-in-singapore\">received a license<\/a> to operate as a stablecoin issuer in Singapore.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle has begun transferring reserves of the USD Coin (USDC) stablecoin into a special fund created by BlackRock and registered with the U.S. Securities and Exchange Commission.<\/p>\n","protected":false},"author":1,"featured_media":69567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1220,807,910],"class_list":["post-69566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-circle","tag-stablecoins","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=69566"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69566\/revisions"}],"predecessor-version":[{"id":69568,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69566\/revisions\/69568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/69567"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=69566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=69566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=69566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}