Circle has sold all U.S. Treasuries in its USDC Reserve portfolio

According to the Circle Reserve Fund website, as of May 30, all of the fund's $24 billion in assets under management were held in overnight repurchase agreements. That's a significant change since the end of April, when the fund held more than $30 billion in U.S. Treasuries, with the last $4 billion worth of its holdings maturing on Tuesday, according to Circle's monthly certification report. 

Earlier on May 11, Circle CEO Jeremy Allaire said in an interview that Circle had adjusted its reserve portfolio backing USDC to back short-term U.S. Treasuries to avoid being affected by a potential U.S. debt default. allaire said the firm no longer holds U.S. Treasuries maturing after early June.