Binance, the leading cryptocurrency exchange with over $1 billion in user assets secured through the Secure Asset Fund for Users (SAFU), has transferred this amount into USD Coin (USDC). This move equates to approximately 3% of USDC’s total supply.
Starting today, SAFU assets will be changed into USD Coin, enhancing their security and consistency as they reach a value of one billion dollars. (Read more below)
— Binance (@binance) April 18, 2024
On April 18, it was announced that a step would be taken to improve dependability and durability. Now, SAFU’s assets are kept in a trustworthy, audited, and clear stablecoin with a value of one billion dollars.
Founded in 2018, SAFU ensures user safety during crisis moments such as hacks by providing compensation for losses. In a recent transaction, an enormous sum of 800 million USDC was transferred with a negligible fee of just $1.88. Furthermore, large amounts of 1.36 million BNB ($754 million) and 16,277 BTC were moved during the exchange process.
SAFU underwent its second transformation in the past year, moving from Binance USD to both Tether and TrueUSD in response to regulatory adjustments. Tether, boasting a massive $108 billion supply, dominates the stablecoin sector, while USDC holds approximately 20%.
Making this move reinforces Binance’s risk management plan, improving safety for users and keeping its emergency fund steady.
Read More
- BICO PREDICTION. BICO cryptocurrency
- EXCLUSIVE: Decoding the importance of suspense around cameos in cinematic universe films
- FORT PREDICTION. FORT cryptocurrency
- RSR PREDICTION. RSR cryptocurrency
- MVRDV Designs Solar-Powered “Sports Club in a Shipping Container” For Refugees
- ZIG PREDICTION. ZIG cryptocurrency
- Remedy Announces Huge Change For Control Sequel As Alan Wake Sells 1.8 Million Units
- ‘Anyone And Everyone Is Welcome’: Melissa Rauch Talks Upcoming Big Bang Theory Reunions Ahead of Mayim Bialik’s Arrival On Night Court
- DEXE PREDICTION. DEXE cryptocurrency
- EUR INR PREDICTION
2024-04-18 10:28