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.