Fed’s Overnight Reverse Repo Facility Usage Falls to $275M

The RRP facility has effectively emptied out, with a single counterparty accounting for the entire balance. That matters less as a money-market signal than as a reminder that the Fed's balance-sheet runoff has drained the excess cash that once parked here daily. For crypto and RWA markets, the read-through is indirect: the liquidity backdrop that amplified risk appetite in prior cycles is no longer sitting in this facility. Whether usage stays near zero or revives as Treasury bill supply shifts is the open question worth watching.