BlackRock has applied to the SEC to create a circular reserve fund, with Circle Reserve Fund as the main investment target

[BlackRock has applied to the SEC to create a circular reserve fund, and Circle Reserve Fund is the main investment target] Jinse Finance reported that according to the documents submitted by BlackRock to the US Securities and Exchange Commission (SEC) on May 26, 2022, BlackRock Ryder has filed with the U.S. Securities and Exchange Commission to create a circular reserve fund, the Circle Reserve Fund, a series of BlackRock Funds SM whose investment objective is to seek current returns consistent with liquidity and principal stability. That likely won't affect Circle's reserves much. However, this means that the maturity period of Circle's assets may be extended to about 1 year from the current maximum of 3 months.

In addition, the document mentioned that the fund may invest in the Fed's RRP facility, but the Fed still needs to approve them as counterparties. The fund has a minimum initial investment of $10 billion, so it is speculated that Circle intends to reallocate at least some of its portfolio into the fund. Of its roughly $55 billion in assets, it currently has a $42 billion Treasury portfolio.

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