[thebean11]

Short term for treasuries is generally considered <= 1 year, BSV is only 1 to 5 years.

I just looked it up, Circle says they only hold treasures that mature in <= 3 months, so yeah I think even 6.5% is a massive overestimate to how volatile their treasury portfolio is..probably more like <1% which is easy to cover if they just hold a tiny bit of the deposits in cash..

[dragontamer]

> Short term for treasuries is generally considered <= 1 year, BSV is only 1 to 5 years.

BSV is literally named "Vanguard Short-Term Bond ETF".

That being said, the only "standardized" terms I'm aware of are Bills (less than 1 year), bonds (greater than 10 years), and Notes (1 to 10 years).

In any case, it is clear that BSV is considered short-term by Vanguard and its investors. So I'm more than willing to believe in Vanguard's language over yours.

[thebean11]

haha, ok, so now we're just quibbling over the definition of short term instead of discussing the concrete question of how volatile USDC's treasuries are? Just replace instances of "short term" with <= 3 months, now are we in agreement?

My point is that your 10% figure is not applicable to the treasuries Circle claims to hold. You can call them whatever you want.