Circle Internet Financial, the stablecoin issuer, has removed all U.S. Treasury bonds from its USD Coin (USDC) backing reserves as a precautionary measure against the potential fallout from the U.S. debt ceiling showdown. The Circle Reserve Fund, managed by BlackRock, has shifted all of its $24 billion of assets under management to overnight repurchase agreements as of May 30. This is a significant change from the end of April when the fund held over $30 billion in U.S. Treasury bonds. Circle's move is aimed at protecting the $29 billion USDC stablecoin from potential turbulence in the bond market while U.S. lawmakers seek a deal to avert a government default.
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Circle Ditches U.S. Treasury Bonds from USD Coin Reserves Amid Debt Ceiling Showdown
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