Circle begins to transfer part of its USDC reserves to BlackRock's fund registered with the SEC in the United States

ChainCatcher news, according to CoinDesk, Circle has begun transferring part of its USDC reserve funds to the "Circle Reserve Fund" established by BlackRock and registered with the U.S. Securities and Exchange Commission (SEC), with the transfer expected to be completed by March next year.

Circle's Chief Financial Officer Jeremy Fox-Geen stated that all short-term government bonds will be gradually transferred to the fund, but cash reserves (which account for about 20% of the total) will still be held by partner banks. BlackRock plans to include the fund in the Federal Reserve's reverse repo program, and Jeremy Fox-Geen expressed hope that the reserves will ultimately remain at the Federal Reserve. (CoinDesk)