The Fed’s recently updated rules for counterparties in its money market could be another blow for stablecoin issuer Circle.
The New York Federal Reserve published new rules for counterparties looking to use its money market balancer, casting uncertainty over intentions by stablecoin issuer Circle to use the Fed's systems., the New York Fed announced adjustments to its guidelines to determine which parties are eligible to participate in its reverse repurchase agreements .
According to the New York Fed, accessing such a system"should be a natural extension of an existing business model, and the counterparty should not be organized for the purpose of accessing RPP operations." The Circle Reserve Fund, its money market fund managed by investment management firm BlackRock, is one suchthat is only available to Circle and could be “deemed ineligible” according to the Fed’s statement.
Approval into the Fed's program would allow Circle to earn interest on excess funds by investing in low-risk Treasury securities, allowing the stablecoin issuer to earn interest and help maintain the stability of its stablecoin, USD Coin .
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