{"id":582508,"date":"2023-05-31T23:49:16","date_gmt":"2023-05-31T22:49:16","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=582508"},"modified":"2023-05-31T23:49:26","modified_gmt":"2023-05-31T22:49:26","slug":"circle-dumps-us-treasuries-usdc-reserve","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/circle-dumps-us-treasuries-usdc-reserve\/","title":{"rendered":"Circle Removes U.S. Treasuries From USDC Reserve Fund Amid Debt Ceiling Concerns"},"content":{"rendered":"\n
Circle Internet Financial, the crypto giant behind the world\u2019s second-largest stablecoin, has ditched all U.S. Treasury bonds from the reserve fund backing its USDC stablecoin. The move was made to shield USDC from any potential damage from the ongoing concerns surrounding the United States debt ceiling. <\/p>\n\n\n\n
According to Circle\u2019s monthly attestatio<\/a>n released by independent accountants at Deloitte, the last Treasury bond worth nearly $4 billion matured earlier today, effectively removing all long-term Treasuries from the reserve fund. As of May 30, 2023, the Circle<\/a> Reserve Fund, managed by Wall Street giant Blackrock, held 100% of its $24.7 billion fund in overnight U.S. Treasury Repurchase Agreements.\u00a0<\/p>\n\n\n\n The latest move marks a significant change in the fund\u2019s holdings as compared to April 2023 when the USDC issuer held over $30 billion in U.S. Treasury Bonds. The changes to the Reserve fund came in light of the debt ceiling crisis in the United States, which could have had a devastating impact on all government securities. Lawmakers in the U.S. are set to vote on the fate of the country\u2019s $31.4 trillion debt ceiling later today in a desperate attempt to avert a default by the U.S. government. <\/p>\n\n\n\n