Stablecoin issuer Circle Internet Financial is adjusting the reserves supporting the $30 billion USD Coin (USDC) in anticipation of a possible U.S. government debt default. The Circle Reserve Fund, managed by BlackRock, has added $8.7 billion in overnight repurchase agreements involving banking giants such as BNP Paribas, Goldman Sachs, Barclays, and Royal Bank of Canada. These short-term collateralized loans provide additional protection for the USDC reserve in the unlikely event of a U.S. debt default. Circle is making these changes as U.S. lawmakers negotiate with President Joe Biden's administration over raising the government's ability to issue new debt, also known as the debt ceiling.