According to the report, the amount held in cash by U.S. regulated financial institutions was $8.6 billion as of Jan. 31, representing roughly 20% of its reserves. Another $33.6 billion of its reserves are held in U.S Treasurys managed by BlackRock (NYSE:BLK) through the Circle Reserve Fund, registered as a government money market fund and with funds held by BNY Mellon.
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Source: Cryptocurrency - investing.com