Circle’s USDC reserve assets have US$101 million in repo value

We evaluated the reserve holdings of Circle’s USD Coin (USDC) to see what value there may be in the repo market. As a holder of US Treasuries, Circle could repo out their bond assets and reinvest the proceeds in something like the SOFR benchmark. The resulting spread is their earnings. There is up to US$101 million in revenue for Circle here.
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