Will the US Default on Its Debt? Circle Ditches Treasuries and Tether Buys BTC
The Breakdown
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Circle's Rebo Agreements Provide Additional Protection for the USDC Reserve in the Event of a US DebtDefault
Circle now transacts with globally significant banks including BNP Parabas, Goldman Sachs, Barclays, Bank of America, and the Royal Bank of Canada. The funds held with BlackRock are currently split roughly 65% in Treasury bills and 35% in repo agreements. Circle CEO Jeremy Allaire told Politico that they don't want to carry exposure through a potential breach of the ability of the US government to pay its debts.
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