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A comment on USDC's Circle Moves $8.7B to Repo Agreements to Protect Reserves from US Default. Parent comment

Re:USDC's Circle Moves $8.7B to Repo Agreements to Protect R... by JumpCrisscross on Thursday May 18, 2023 @10:30AM (#35988486)
Until recently Circle were parking their cash in uninsured deposits [1]. Moving to repos may be about the debt ceiling, but it's more likely that someone hired a treasurer.

[1] https://www.ft.com/content/7c9b2234-c298-4508-b59a-fce49f6bc...

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Re:USDC's Circle Moves $8.7B to Repo Agreements to Protect R... by kragen on Thursday May 18, 2023 @11:03AM (#35988974)
okay but the article says

> The Circle Reserve Fund, managed by global investment management giant BlackRock, added $8.7 billion in overnight repurchase (repo) agreements

i think blackrock already had a treasurer?

also is this jeremy allaire as in coldfusion?

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Re:USDC's Circle Moves $8.7B to Repo Agreements to Protect R... by JumpCrisscross on Thursday May 18, 2023 @11:24AM (#35989293)
> i think blackrock already had a treasurer?

Circle didn't always use BlackRock. The "someone" is Circle. Maintaining a mix of Treasuries and repos is standard treasury management. I don't see a link between this rebalancing and the debt limit fight.

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Re:USDC's Circle Moves $8.7B to Repo Agreements to Protect R... by kragen on Thursday May 18, 2023 @11:29AM (#35989382)
still seems more noteworthy that blackrock thinks a usa sovereign default is a significant risk than that, like, perry metzger and eric hughes do
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Re:USDC's Circle Moves $8.7B to Repo Agreements to Protect R... by JumpCrisscross on Thursday May 18, 2023 @11:44AM (#35989620)
> blackrock thinks a usa sovereign default is a significant risk

It's a manageable risk, so it's managed. That's risk management. (Repos also yield more than Treasuries. Again, this probably has nothing to do with the debt limit.)

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