PANews reported on January 9 that according to the latest Circle report shared by Bitcoin economist John Paul Koning on Twitter, 30% of USDC reserves (or $12.79 billion) are invested in the Circle Reserve fund, a government money market fund managed by BlackRock, which is up from 0% in October. In addition, according to the BlackRock page, the proportion of USDC reserves invested in the Circle Reserve Fund has risen to about $28.6 billion, or 65%.

John Paul Koning said this shows that Circle is handing over some of its control over USDC reserves to an external management institution regulated by the SEC, which ultimately makes USDC safer. Transparency will also be improved as USDC users can now view regular updates from BlackRock.

Earlier on November 4, Circle announced that it had begun transferring USDC reserves to a specialized fund managed by BlackRock, which has been registered with the U.S. Securities and Exchange Commission (SEC). It is expected that Circle's USDC reserves will be fully transferred to the fund by the end of March next year.