[JumpCrisscross]

> 10B in cash was spread over 6 banks to diversify the bank risk

This is nonsense Treasury management. Fidelity spreads checking account deposits across twenty-six banks to reach $3mm FDIC coverage [1]. Beyond sweep, Circle’s assets should be in short-term, on-the-run Treasuries, repos and commercial paper.

[1] https://accountopening.fidelity.com/ftgw/aong/aongapp/fdicBa...

[darcys22]

They do hold 32B in short term treasury bills though

https://www.blackrock.com/cash/en-us/products/329365/

These funds appear to be specifically for short term redemptions, if they turn over 3B in redemption's every 7 days then how are they meant to keep less then that in the banks