The RRP lets selected counterparties – money market funds, banks – lend overnight to the Fed at a fixed rate, currently at 4.8%. While the facility was originally created as a stabilization tool for the financial system, it has become a highly attractive vehicle to earn high yield with minimal counterparty risk. Currently, funds in the program reach almost $2.3 trillion.

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• Source: https://www.coindesk.com/policy/2023/04/26/ny-fed-policy-change-could-squash-stablecoin-issuer-circles-hope-for-fed-access/?utm_medium=referral&utm_source=rss&utm_campaign=headlines