Circle, the issuer of USD Coin, may be deemed “ineligible” for access to the Federal Reserve’s money market due to new rules introduced by the New York Fed. 

The new guidelines are aimed at determining which parties are eligible to participate in the Fed’s reverse repurchase agreements, a process in which the Fed sells securities to counterparties that are deemed eligible with an agreement to repurchase them at the maturity date. 

The New York Federal Reserve has updated its policy on counterparties for market operations an