Circle CEO Jeremy Allaire announced on May 10 that his stablecoin firm no longer holds long-term U.S. Treasuries, specifically those that mature after June 2023. Allaire cited concerns over the U.S. government's ability to pay its debts as the reason for this decision. This comes after U.S. Treasury Secretary Janet Yellen warned that the government could default on its debt in the near future, causing widespread concern. Circle's USDC stablecoin is backed by a variety of assets, including Treasuries, and this move could have significant implications for the company's reserves.

#crypto2023 #dyor #bicasso