Odaily Planet Daily News Circle Internet Financial said it has begun transferring its USDC stablecoin reserves to the "Circle Reserve Fund", a fund established by BlackRock and registered with the U.S. Securities and Exchange Commission (SEC), and the transfer is expected to be completed by March next year. BlackRock plans to add the fund to the Federal Reserve's reverse repurchase program, and Circle Chief Financial Officer Jeremy Fox-Geen expressed the hope that the reserves will eventually remain at the Federal Reserve. According to information disclosed by Circle weekly, the $43.9 billion USDC currently in circulation is backed by $44.1 billion in cash and short-term U.S. government bonds. The new fund's portfolio will also include cash and U.S. Treasuries. Circle said the new fund's assets will be held in custody by Bank of New York Mellon. The new fund is subject to the Investment Company Act, and the company needs to establish an independent board of directors and report on its investment portfolio daily.