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Binance, the world's largest cryptocurrency exchange, has converted its entire $1 billion Secure Asset Fund for Users (SAFU), established in 2018, into USD Coin (USDC), a stablecoin issued by US-based Circle Internet Financial. The conversion from a mix of Bitcoin (BTC), Binance Coin (BNB), Tether (USDT), and TrueUSD (TUSD) to USDC is aimed at enhancing the stability and reliability of the emergency fund. The SAFU address now holds 1 billion USDC, and the BTC previously reserved has been transferred back to the hot wallet, reflecting Binance's strategic shift towards using a stable and government-backed digital currency amidst volatile crypto market conditions.
šØ #Binance transfers its $1B Secure Asset Fund for Users ( #SAFU )to $USDC in a bid to increase transparency and stability. https://t.co/uzixXKr6Rt
Crypto exchange Binance has made a notable reorganizational move for its billion-dollar SAFU insurance fund, with all the assets in it converting into the USDC stablecoin https://t.co/NKR5jfoYuF
BINANCE CONVERTS 100% OF ITS EMERGENCY āSAFUā FUND TO USDC - WHAT TO KNOW - Binance, the world's leading crypto exchange, announced transferring 100% of its $1 billion emergency āSAFUā assets to Circle's stablecoin USD Coin $USDC. Here's What You Need to Know: - The exchangeā¦ https://t.co/yO6KJZD7tE https://t.co/2LYSDaubPm
