#USDC The Circle Reserve Fund is a SEC-registered government money market fund which holds a portfolio of short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash.USDC is backed by the equivalent value of US dollar denominated assets held as reserves for the benefit of USDC holders. Cash is held at regulated financial institutions. The portfolio of the Circle Reserve Fund, which can contain short-dated US Treasuries, overnight US Treasury repurchase agreements, and cash, is custodied at The Bank of New York Mellon and is managed by BlackRock.