Fed reverse repo usage drops to $525M on Sep 2

The drop in reverse repo usage to a negligible level, with only one counterparty, signals that the facility is effectively dormant. This reflects the broader post-2021 liquidity normalization, where money market funds no longer need the Fed as a parking spot for excess cash. For crypto/RWA markets, this is a macro backdrop indicator: it confirms the Fed's balance sheet is no longer absorbing significant short-term funds, which removes a previous support for risk asset liquidity. The open question is whether this steady-state low usage persists, as any renewed stress in money markets could reverse it and shift the liquidity calculus for digital assets.