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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