Where every dollar lives.
USDA reserves are held 1:1 in cash and short-dated US government obligations — segregated from Atlas operating funds, custodied at regulated institutions, and never lent, staked, or rehypothecated.
Reserve allocation
US Treasury bills
The core of the reserve. Short-dated bills ladder weekly maturities so a slice of the portfolio converts to cash every few days without selling into the market.
Overnight Treasury repos
Matures every morning. This is the stress buffer — in a redemption spike the repo book is cash by 9am without touching the bill ladder.
Cash at insured banks
Same-day wires come from here. Sized to cover the largest historical daily redemption plus margin; spread across banks to cap single-counterparty exposure.
The liquidity ladder
Why the mix looks like this: each bucket exists to make a specific redemption horizon instant.
Cash covers today's redemptions
Every redemption request before 3pm ET is wired same-day from the cash bucket.
Repos rebuild cash by morning
The repo book matures daily — cash drawn down today is replenished tomorrow at 9am.
Bills ladder the rest
Weekly bill maturities roll continuously, keeping duration risk near zero while the reserve earns short-rate yield that funds operations — never paid to holders.
Custody & banking
Every asset class maps to a GENIUS Act permitted category — Sec 4(a)(1)(A)
Reserve ratio on the transparency hub, from treasury snapshots
Examined composition report — supply, categories, tenor, custody geography, CEO/CFO certified
Public filing readiness per OCC proposed regulations (call-report style)
Current and historical examined reports live on the Transparency hub.