Binance, the world’s largest cryptocurrency exchange, has announced that it has converted the entire balance of its Secure Asset Fund for Users (SAFU) into USD Coin (USDC). The emergency insurance fund, which was established in 2018 to protect users in extreme situations, is maintained at a target level of $1 billion. Previously, the fund’s assets were held in a mix of Bitcoin (BTC), Binance Coin (BNB), and stablecoins. By transitioning the full balance to the regulated stablecoin USDC, Binance aims to ensure the fund remains stable at the $1 billion mark and provides enhanced transparency, as the assets can be easily tracked on-chain. This move is part of the exchange’s ongoing efforts to bolster reliability and safeguard user assets against market volatility.
Source: Binance completes $1B Bitcoin conversion for SAFU emergency fund
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