Circle Adjusts USDC Reserve Assets, Adds $8.7 Billion in Overnight Repurchase Agreements
USDC issuer Circle is adjusting its reserve assets backing USDC in response to the risk of a default on U.S. government debt, CoinDesk reports. According to the website of the Circle Reserve Fund, managed by BlackRock, the fund added $8.7 billion in overnight repurchase agreements to its portfolio as of May 16, involving banking giants such as BNP Paribas, Goldman Sachs, Barclays and Royal Bank of Canada.
In previous news, Circle CEO Jeremy Allaire said in an interview that Circle has adjusted USDC's reserve portfolio and no longer holds U.S. Treasuries maturing after early June, thus avoiding a potential default on U.S. debt.
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