# Collateral Transparency

### Collateral Statements

Collateral is the reserves that back USDM1, ensuring that holders can always redeem at par.

#### Monthly Published Reserve Statement from the Trustee, [Surus Trust Company](/m1x-docs/I7OxtHZkKKU8hyv4Kh5H/asset-overview/capital-markets-agent-stack/firms-involved.md)

<table data-header-hidden><thead><tr><th width="347.22265625">Month</th><th>Reserve Statements</th></tr></thead><tbody><tr><td><strong>Month</strong></td><td><strong>Reserve Statements</strong></td></tr><tr><td>November </td><td><p><a href="https://drive.google.com/file/d/1XsOiTzEyv5PdBmH_YPsOAbFLdG-qjHtf/view?usp=drive_link">11.25 RMI Cash Statement.pdf</a> </p><p><a href="https://drive.google.com/file/d/1ORwMOub6tQim6rdWpKrtlFhFGvq1IpFg/view?usp=drive_link">11.25 RMI Securities Statement.pdf</a></p></td></tr><tr><td>December </td><td><p><a href="https://drive.google.com/file/d/1Uk088qiXCn0A03KuU6XHa3I5rwlH1z0P/view?usp=drive_link">12.25 RMI Cash Statement.pdf</a> </p><p><a href="https://drive.google.com/file/d/1NVqfdcxKYEmqRlgp-gvKqtgRtNCQYdQB/view?usp=drive_link">12.25 RMI Security Statement.pdf</a></p></td></tr><tr><td>January</td><td><p><a href="https://drive.google.com/file/d/10E7jsYLGbRQBwQHy6PFzZHwCdtuAuA3H/view?usp=sharing">1.26 RMI Cash Statement.pdf</a> </p><p><a href="https://drive.google.com/file/d/1K575E9pM1mSnwtj4SpD9xFV4AKDz1fdW/view?usp=sharing">1.26 RMI Security Statement.pdf</a></p></td></tr><tr><td>February </td><td><p><a href="https://drive.google.com/file/d/183WKALZueikQtXyAFB7cAh1S9fiJWGrK/view?usp=sharing">2.26 RMI Cash Statement.pdf </a></p><p><a href="https://drive.google.com/file/d/11B5qKi1xDpCbLvKg69TmESNzh0TgddEW/view?usp=sharing">2.26 RMI Security Statement.pdf</a></p></td></tr></tbody></table>

#### Collateral Management Policy

The Indenture limits the assets the GRMI can pledge as collateral to U.S. Treasuries with maturities of 183 days or less. However, the GRMI can further constrain itself, and does. Currently, the Collateral Investment Policy mandates the purchase of US Treasuries with a maximum maturity of 30 days. Treasuries are purchased as new USDM1 is minted, allowed to mature, and then rolled over into new Treasuries. As a result, the average portfolio duration is only \~15 days, such that the portfolio's value is not materially sensitive to interest rate shifts. If Treasury values fall below principal plus accrued interest at any point, the RMI is obligated to purchase additional Treasuries to maintain full collateralization.

#### Access & Control

[Surus Trust Company](/m1x-docs/I7OxtHZkKKU8hyv4Kh5H/asset-overview/capital-markets-agent-stack/firms-involved.md) has “perfected” control over the collateral assets, meaning it has master control over all wallets and accounts that hold the collateral. The RMI itself has no ability to unilaterally access pledged collateral.<br>


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