Computed over a public SEC filing so you can check every figure yourself. Six regulatory thresholds, one dataset, and the answer changes.
SEC Form N-MFP3, accession 0001752724-25-156739, period 2025-03-31. A prime money market fund — 84 holdings, 44 unsecured-credit issuers, $146,772,393. Unsecured exposure by issuer:
| Issuer | Exposure | Share |
|---|
Repo is excluded. Repo collateralised by government securities looks through to the collateral, so counting it as bank credit overstates the position — 15.84% instead of 13.63%.
| Limit | Source | Status | Result |
|---|
No stablecoin framework in force sets a numeric counterparty cap. MiCA delegates it to an EBA standard still pending. The GENIUS Act delegates it to OCC and FDIC rules still in comment. So the threshold is a parameter, not a hard-coded claim — and the same circuit answers whichever rule applies to you.
This portfolio is public, so nothing here is hidden. Run the identical circuit over your internal ledger and the proof is the same size, the same shape, and carries nothing but the assertion.