Binance Converts $1 Billion SAFU Fund to USDC for Stability

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.

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2024-04-18 10:28