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Major crypto exchanges' response to Binance's USDC conversion by end of 2024
5
Binance•SAFU•USD Coin•USD•US•Circle Internet Financial•Bitcoin•BTC•Binance Coin•BNB•Tether•USDT•TrueUSD•TUSD•USDC
Resolution / Starting Odds
Increase USDC holdings • 25%
Maintain current stablecoin proportions • 25%
Increase non-USDC stablecoin holdings • 25%
No significant changes • 25%
Public financial statements or official announcements from other major crypto exchanges
Story
Binance, World's Largest Crypto Exchange, Converts $1B SAFU to USDC
Apr 18, 2024, 04:33 AM
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.
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