Circle has begun moving some of its USDC reserves into a fund set up by BlackRock and registered with the SEC

According to CoinDesk, Circle has begun to transfer part of its USDC reserve funds to the "Circle Reserve Fund", a fund established by BlackRock and registered with the US Securities and Exchange Commission (SEC), and the transfer is expected to be completed by March next year. All short-term Treasuries will be phased into the fund, but cash reserves, about 20% of the total, will remain held by partner banks, Circle Chief Financial Officer Jeremy Fox-Geen said. BlackRock plans to add the fund to the Fed's reverse repurchase program, and Jeremy Fox-Geen said he hopes the reserves will eventually stay with the Fed.