USDC Issuer Circle Has Ditched All U.S. Treasuries From $24B Reserve Fund Amid Debt Ceiling Showdown

.circle has replaced U.S. government bond holdings with overnight repurchase agreements in its BlackRock-managed reserve fund to protect $USDC from any potential fallout from the debt ceiling showdown. sndr_krisztian reports

) backing reserves as part of precautionary measures to protect from a potential fallout from the looming U.S. debt ceiling showdown., managed by global investment giant BlackRock, held all of its $24 billion of assets under management in overnight repurchase agreements as of May 30, according to the fund’s website.

This is a significant change since the end of April, when the fund held more than $30 billion in U.S. Treasury bonds, according to Circle’s . The last Treasury bond worth $4 billion among the fund’s holdings matured on Tuesday, the fund’s website showed.The milestone is a result of Circle’s attempt to protect the $29 billion

stablecoin from potential turbulence on the bond market while U.S. lawmakers are scrambling for a deal to avert a government default.

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