Key Points:
According to information disclosed by the Circle Reserve Fund managed by BlackRock, the bonds currently held by the reserve fund will expire at the latest on May 31. The issuer of the largest stablecoin reported on Wednesday. that they have increased their holdings of US Treasuries to $53 billion. Its Treasury bill holdings have an average maturity of less than 90 days. As of Wednesday, USDC has a market capitalization of around $30 billion, according to CoinGecko.
The vulnerability of Circle’s reserves to external shocks came into the spotlight in March when USDC temporarily lost its 1-to-1 ratio to the dollar following the news suggested that $3.3 billion in reserves used to support stablecoins were held at the Silicon Valley Bank collapse. Since then, the token has been stable.
It is reported that face-to-face negotiations between US President Joe Biden and top congressional officials over raising the $31.4 trillion debt ceiling on Tuesday failed to break the deadlock, and the United States could be forced into an unprecedented default in three weeks. However, Biden and leading members of Congress will meet again on Friday to continue discussions, and both sides insist that the United States will not default.
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