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

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

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

332
Safu-Usdc Convert: Binance Decides To Convert Secure Asset Fund

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.

Safu-Usdc Convert: Binance Decides To Convert Secure Asset Fund 181886
Written by
lectertodd

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.

Related Articles

Bitcoin Bearish Shift: Is This the Start of a Major Downtrend?

Please stay tuned to CDS for more information on the Bitcoin bearish...

Crypto ETPs Face Worst Week in Months: Are We Heading Toward Full Market Capitulation?

Please stay tuned to CDS for more comprehensive information on the crypto...

Bitcoin Faces Renewed Selling Pressure as Spot Market Demand Shrinks

Bitcoin Faces Renewed Selling Pressure as Spot Market Demand Shrinks: Bitcoin (BTC)...

Solana News- Potential Breakout or Continued Consolidation?

Solana's price is at a key juncture; a breakout above resistance could...