BlackRock
The world's largest asset manager; in this wiki, BlackRock appears as the manager of the Circle Reserve Fund (USDXX), the SEC-registered 2a-7 government money market fund holding the majority of USDC reserves.
What it is
BlackRock is a global asset manager with a substantial money-market-fund management business and SEC-registered fund-management infrastructure. For this wiki's purposes, BlackRock's role is as the fund manager of the Circle Reserve Fund (USDXX) — the SEC-registered 2a-7 government money market fund in which the majority of Circle's USDC reserves are held.
The relationship is structurally significant: the fund manager (BlackRock) is separate from the issuer (Circle), reducing single-counterparty risk on the reserve vehicle. BlackRock publishes daily independent third-party portfolio reporting on USDXX via its public product page.
For the wiki, BlackRock is currently a single-relationship firm (manager-of-USDXX). Future sources covering tokenization (BlackRock has its own tokenized-Treasury fund, BUIDL, in adjacent territory), institutional crypto-asset products, or other stablecoin reserve relationships could substantively develop this page.
How it shows up in sources
- Circle USDC Transparency & Reserves (public page, fetched April 2026) — named as manager of USDXX (the Circle Reserve Fund). The transparency page links to the BlackRock product page for daily portfolio reporting.
Vendors / people associated
- Circle — BlackRock manages the Circle Reserve Fund (USDXX) on Circle's behalf for the majority of USDC reserves.
Concepts associated
- 2a-7 government money market fund — BlackRock's USDXX is the canonical 2a-7 government MMF used by a stablecoin issuer in this wiki.
- Proof of reserves — BlackRock's daily independent portfolio reporting on USDXX is a structural component of Circle's reserve-disclosure regime.
- Citation discipline — the manager-publishes-portfolio-daily relationship is a structural example of citation discipline at the asset-management layer.
- Counterparty-graph research — BlackRock is one of Circle's named counterparties.
External references
- BlackRock USDXX (Circle Reserve Fund) product page — https://www.blackrock.com/cash/en-us/products/329365/
Open questions
- BlackRock's broader institutional crypto-asset footprint — BUIDL (BlackRock USD Institutional Digital Liquidity Fund) is a tokenized-Treasury product that overlaps with the Stablecoin issuers / tokenization space. Out-of-scope for this Session 1 ingest, but a future source on BUIDL would substantively expand BlackRock's role in the wiki.