Richard

Secure

Enhance

USDC

Read

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Binance has just announced the conversion of SAFU into USDC.</li>
 <li>The Secure Asset Fund For Users (SAFU) remains part of the ecosystem at $1 billion.</li>
</ul>
<p>Today, in an official announcement, Binance revealed that it has converted the entire pool of assets that is held in the emergency fund for users into USDC. This is the <a href="https://crypto.ro/en/news/us-proposed-bill-could-ban-algorithmic-stablecoins-in-supremacy-fight/" rel="noopener noreferrer nofollow">stablecoin</a> issued by the US from Circle Internet Financial.</p>
<p>In the <a href="https://www.binance.com/en/blog/ecosystem/update-safu-conversion-to-usdc-270057093957213098" rel="noopener noreferrer nofollow" target="_blank">announcement</a>, Binance reminded users that the Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established back in 2018 with the aim of protecting users in extreme situations.</p>
<p>The exchange notes that SAFU remained an important part of the ecosystem and it’s what sets them apart from other exchanges. Over the years,<a href="https://crypto.ro/en/news/binance-announces-investment-in-bouncebit/" rel="noopener noreferrer nofollow"> Binance</a> continued to monitor SAFU’s size and maintained the balance at a level that was adequate to safeguard users. With all the fluctuations, the level remained typically set at $1 billion.</p>
<p>The exchange made sure to highlight that SAFU will continue to be an important part of their responsibility, and they will still meet market conditions head-on.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 <p lang="en" dir="ltr">Today, all SAFU assets will be converted to <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$USDC</a>, bolstering reliability and stability at $1bn.</p>
 <p>Read more <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/Dggl3CdQYU" rel="noopener noreferrer nofollow" target="_blank">https://t.co/Dggl3CdQYU</a></p>
 <p>— Binance (@binance) <a href="https://twitter.com/binance/status/1780798408413823287?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">April 18, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="100-of-safu-assets-convert-to-usdc">100% of SAFU assets convert to USDC</h2>
<p>Today, Binance transfers 100% of SAFU’s assets to USDC and says that making use of a trusted, audited, and transparent stablecoin for SAFU will only enhance its reliability and ensure that the fund remains stable at $1 billion.</p>
<p>Previously, <a href="https://academy.binance.com/en/glossary/secure-asset-fund-for-users" rel="noopener noreferrer nofollow" target="_blank">Binance</a> held funds in wallets, including TUSD, BNB, Bitcoin, and Tether’s USDT.</p>
<p>As noted by <a href="https://www.bloomberg.com/news/articles/2024-04-18/binance-converts-billion-dollar-safu-emergency-fund-into-usdc?embedded-checkout=true" rel="noopener noreferrer nofollow" target="_blank">Bloomberg</a>, the latest move made by the exchange is the strategic shift under Chief Executive Officer Richard Teng over the past few months. Teng took the wheel at Binance from Changpeng Zhao in the wake of a November plea deal with the US agencies that led to the 4.3 billion dollar fine.</p>
<p>Chris Holland, a partner at HM – a Singapore-based compliance consultancy firm – recently stated that 100% USDC composition offers certainty to the value of the fund in US dollar terms.</p>

Binance Converts $1B SAFU To USDC To Enhance Reliability

Table of Contents

crypto.ro global

Other articles published on Apr 18, 2024

Is Fiat Failing? Analyst Claims Bitcoin Offers Millennials A Financial Lifeline

Crypto Analyst Unveils 12-15 Months Prediction For Dogecoin And XRP

Lido Staked Ether's Price Increased More Than 3% Within 24 hours

Laughing Shiba Inu (LSHIB) Turns Ultra-Bullish as 20% of Supply Gets Burned, BTCBULL to Battle SH...

Play-to-Earn Pixelverse Launches Play-To-Airdrop Campaign For Early Adopters

Exploring the Sharp Decline in Solana’s Market Value

Join our free newsletter for daily crypto updates!