Coinspeaker
Circle Adjusting Its USDC Reserves for Avoiding US Default Risks
In a recent development, USDC stablecoin issuer Circle has reported that it has recently adjusted its reserve treasury in order to avoid the risks of US debt defaults. On Wednesday, May 10, Circle CEO Jeremy Allaire appraised the same stating that the firm has adjusted the mix of reserves backing the stablecoin USDC by switching to shirt-dated US Treasurys.
Allaire stated that Circle now no longer holds Treasurys maturing beyond early June since they don’t want to carry exposure “through a potential breach of the ability of the US government to pay its debts”.
“We don’t want to carry exposure through a potential breach of the ability of the US government to pay its debts,” said Allaire. As per the disclosure coming from Circle Reserve Fund, which is managed by BlackRock, the current US Treasury holdings by Circle don’t mature beyond May 31.
Circle’s USDC stablecoin is still the second-largest s
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