According to Foresight News, Paxos has released its transparency report for March 2024. The report includes the total tokens outstanding, which amounts to $188,485,924. The current market value of the collateral in US Treasury bonds is approximately $14,870,700, with a nominal position value of about $14,800,748. The current market value of the collateral in the US Treasury bond collateral reverse repurchase (overnight maturity and over-collateralization) agreement is approximately $177,991,076, with a nominal position value of about $174,501,000. The current market value of the collateral in total net assets is approximately $192,863,328, with a nominal position value of about $189,303,301.
Foresight News notes that the Federal Open Market Committee (FOMC) launched the overnight reverse repurchase agreement (ON RRP) in September 2013 and regarded it as an auxiliary monetary policy tool in September 2014. The operation involves the Federal Reserve selling bonds to trading counterparts (dealers, money market funds, government-sponsored agencies, and deposit institutions) to absorb excess short-term liquidity. The bond is repurchased the next day, with the aim of preventing short-term interest rates from falling below the federal interest rate floor.