NY Fed’s new policy likely to crush Circle’s dream of accessing Fed
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NY Fed’s new policy likely to crush Circle’s dream of accessing Fed

1m
1yr ago

New York’s Federal Reserve Bank has narrowed its counterpart standard for its reverse-repurchase program to stop Circle from accessing Fed.

NY Fed’s new policy likely to crush Circle’s dream of accessing Fed

SNEAK PEEK

  • Funds structured as Circle’s BlackRock-managed USDC reserve fund will be disqualified.
  • Circle has curbed risk from the banking system and has its cash reserves at BNY Mellon.
  • Registered as a “2a-7” government money market fund, the Circle Reserve Fund is reserved for Circle.

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