Circle’s reserve fund has ditched Treasury bills that mature beyond May 31, rotating assets to cash and overnight repurchase agreements instead, a company spokesperson said.
Funds structured as stablecoin issuer Circle’s BlackRock-managed USDC reserve fund “generally will be deemed ineligible” for the New York Federal Reserve’s reverse repurchase program under the new rules.
The new stablecoin-like token, OMMF, will be backed by conventional money market funds and is available only to qualified purchasers and accredited investors. But retail investors can lend against the tokens via Ondo’s DeFi protocol Flux to indirectly access the yield.
A Moody's analyst examines how the recent banking crisis spilled into crypto, and why alternatives to stablecoins such as tokenized bank deposits and CBDCs may be needed to prevent contagion.
La stablecoin rival (USDT) alcanzó su participación de mercado más alta desde mayo de 2021 y ahora representa el 60% de todas las stablecoins en circulación.