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A U.S. federal court reversed the freeze on Zama's confidential USDC contract on Monday, restoring access to roughly $12.5 million in USDC that Circle had blacklisted on May 30 under a temporary restraining order tied to an Overnight Finance treasury suit.
Zama co-founder and CEO Rand Hindi confirmed the reversal on X Monday, writing that the court "determined the freeze was unwarranted" and that the cUSDC contract "along with all the USDC held in it, is now fully operational."
The hearing was Judge P. Casey Pitts's scheduled June 1 review of the ex parte TRO he issued three days earlier in Newton AC/DC Fund L.P. et al. v. Maxim Ermilov et al. The order had directed Circle to blacklist a wallet that had deposited the bulk of the cUSDC pool, a step that, because the contract co-mingles all depositors, locked every user inside.
