Circle adjusts USDC reserve assets, increasing overnight repurchase agreements by $8.7 billion

According to ChainCatcher, as reported by CoinDesk, the USDC issuer Circle is adjusting the reserve assets used to support USDC to address the risk of a U.S. government debt default. According to the Circle Reserve Fund website managed by BlackRock, as of May 16, the fund has increased its portfolio by $8.7 billion in overnight repurchase agreements involving banking giants such as BNP Paribas, Goldman Sachs, Barclays, and the Royal Bank of Canada.

ChainCatcher previously reported that Circle CEO Jeremy Allaire stated in an interview that Circle has adjusted the USDC reserve portfolio and will no longer hold U.S. Treasury bonds maturing after early June to avoid potential exposure to a U.S. debt default. (Source link)