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CDS Crypto News SAFU-USDC Convert: Binance Decides to Convert Secure Asset Fund

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SAFU-USDC Convert: Binance Decides to Convert Secure Asset Fund

With the SAFU-USDC convert, Binance hopes to increase fund stability.

lectertodd18/04/20241 Mins read334

Crypto News – All of the assets kept in a user emergency fund have been changed into Circle’s USDC stablecoin via the cryptocurrency exchange Binance.

SAFU-USDC Convert: Binance Decides to Convert Secure Asset Fund

The decision to convert the Secure Asset Fund for Users (SAFU) into USDC would further improve the fund’s stability and make it simpler to guarantee that the balance stays around $1 billion, the company stated in an announcement on Wednesday.

SAFU continues to be a core part of our responsibility to the ecosystem, and we continue to evolve to meet market conditions head-on. Today, we are transferring 100% of SAFU’s assets to USDC,
Binance

The wallet address connected to Binance‘s SAFU fund exchanged $738 million worth of its exchange token, Binance Coin (BNB), for $800 million USDC, according to on-chain statistics. $1 billion in bitcoin (BTC) was transferred out of the SAFU fund’s Bitcoin address at around the same time that $1 billion in USDC was put into the fund’s Ethereum wallet. According to blockchain transaction data from OXT, the bitcoin that was transferred out of the SAFU fund now looks to be kept in one of Binance’s exchange hot wallets.

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Lectertodd is 28 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.