USDC could get access to Fed’s RRP via BlackRock partnership
USDC stablecoin could get indirect access to the Federal Reserve’s risk-free liability, as its partner BlackRock is set to apply for the Fed’s reserve repo (RRP) program.
The Circle Reserve Fund is managed by BlackRock, which qualifies Circle as an indirect investor in the government money market fund. The reserve will comprise 20% cash held at the Bank of New York Mellon, and 90% short-term U.S. Treasuries.
This is how existing money will control future money.
This is also not very different to how Bitcoin derivatives were created, thereby bypassing the whole issue of what type of asset BTC actually is.
Giving legal status to some stablecoins will also create a huge hurdle for any project wishing to enter this sphere in the future.
USDC also planning to go native on Cosmos.