The Circle Reserve Fund grew from over $22 billion in 2023 to over $37 billion in 2024, and the average yield rose from 4.89% to 5.09%. The rest of the reserves are in banks, which also earns a yield.

Circle’s Relationship With Interest Rates Isn’t a Straight Line Wider stablecoin adoption, plus smaller partner payments, could offset pressure from lower returns on cash By ...