The Fed's Reserve Repo Facility

The reserve repo facility was created when rates were at zero to make sure that the very large demand for TVL wouldn't push yields into negative territory. It's mostly actually banks that have an account with the Fed directly and can deposit money straight away at the Fed. For most large asset manager and institutional there, that's not true. Corporate Treasures, asset manager pension funds, and even money market funds generally don't have access to the Fed their reserve.