Circle Shifts USDC Reserves Amid US Debt Default Concerns

Stablecoin issuer Circle has reportedly adjusted its treasury reserves to mitigate the risk of US debt defaults. Amid the ongoing banking crisis in the United States, Circle CEO Jeremy Allaire stated on May 10 that the company has altered the mix of reserves backing its USD Coin (USDC) by transitioning to short-dated US Treasurys to sidestep potential involvement in a US debt default.