>Now Circle is sitting on $30 bn in short term US treasuries backing USDC and I don't think they're forced to give the yield back to people holding USDC, so Cir

>Now Circle is sitting on $30 bn in short term US treasuries backing USDC and I don't think they're forced to give the yield back to people holding USDC, so Circle has to be minting something like, what, 1 billion yearly now that rates went up? What makes you think they aren't susceptible to the same type of run? They now own treasuries with higher yield and lower prices.