Stablecoin issuer circle has started buying U.S. Treasury bills with its blackrock-managed USDC reserve fund after ditching all holdings for overnight repos in the U.S. debt ceiling standoff. sndr_krisztian reports
, which is managed by asset management giant BlackRock , has started “building up our direct holdings of Treasuries,” chief financial officer Jeremy Fox-Geen said Wednesday during a company call that CoinDesk attended.Circle Reserve Fund holdings the backing of its stablecoin last month to protect USDC from a potential fallout if the U.S. government failed to increase its ability to borrow and default on its debt.
CEO Jeremy Allaire said in early May that the firm would not hold bonds maturing beyond the end of the month. By June, CoinDesk reported that the reserve fund
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