Circle, the issuer of USD Coin (USDC), As a result of the balancing in its reserves, it shifted its reserves of approximately 9 billion dollars to overnight repo.
Asset management company that manages Circle’s reserves BlackRock In the update published on its official website, the company’s earnings from expiring treasury bills 8.7 billion your dollar to the nightly repo announced that he was deposited. This move is thought to have been made in response to the possibility of the US government going into default.
of the arrangement 16 May While it is stated that the agreement was made on the date of BNP Paribas, Goldman Sachs, barclays And Royal Bank of Canada reported to include banking giants such as In addition, the maturity of the collateral of these repo transactions three days immersed in Does not include securities was also underlined.
A statement on the subject company spokesperson, This setting has long been on the company agenda that and within the plan the company’s reserves in a possible US to the default scenario against himself additional protection stated that it aims to provide
Circle will expire amid concerns the US won’t be able to pay its debts will not hold treasury bonds had declared.
US Secretary of the Treasury recently Janet Yellen your country not changing the debt ceiling limit or not be suspended in early June running out of cash resources and debts that you can’t pay had issued a notice.