Exchanges· ★★★· neutral·

Circle says 88% of USDC reserves sat in BlackRock-run Circle Reserve Fund

  • —88% of USDC reserves held in Circle Reserve Fund run by BlackRock, custodied by BNY
  • —Distribution and transaction costs rose $650.7 million year over year
  • —$438.4 million of the increase tied to higher payments to Coinbase
  • —Reserves are segregated from operating funds and disclosed weekly
Why it matters: The disclosure shows Circle's revenue hinges on USDC supply and rates, not just reserve management.
#USDC
Source: TokenPost
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