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Coinbase, Circle Say USDC Reserves to Be In Cash, Treasuries

  • Stablecoin’s reserves had expanded into corporate bonds, paper
  • Coinbase until August had falsely said reserves were in a bank
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A consortium including Coinbase Global Inc. said all the reserves of the second-largest cryptocurrency stable coin will shift into cash and short-term U.S. Treasuries, forgoing riskier investments.