Binance Shifts $1 Billion in SAFU Bitcoin Reserves to USDC

April 18, 2024 Bitcoin.com

Binance

Binance, the leading cryptocurrency exchange globally in terms of trading volume, has shifted its SAFU (Secure Asset Fund for Users) reserves into the stablecoin USDC to bolster “its reliability.” During the early hours of Thursday, the platform transferred two substantial amounts of BTC and BNB. Binance Executes Dual Crypto Moves on Thursday: What’s Behind the […]

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Binance converts $1B emergency fund to USDC

April 18, 2024 The Crypto Briefing

Binance

Binance has converted $1 billion of its emergency user safety fund to Circle's stablecoin, although the exchange did not explain why.

The post Binance converts $1B emergency fund to USDC appeared first on Crypto Briefing.

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Binance’s $1B emergency ‘SAFU’ fund now makes up 3% of UDSC supply

April 18, 2024 Coin Telegraph

Binance

Binance’s billion-dollar emergency fund was previously held in three wallets: Bitcoin, Tether, True USD and BNB.

The world’s largest crypto exchange, Binance, is converting its Secure Asset Fund for Users (SAFU) into Circle’s USD Coin (USDC) stablecoin and now holds 3% of its circulating supply.

The company announced the move on April 18, stating that “we are transferring 100% of SAFU’s assets to USDC” but didn’t elaborate on why, other than it was “making use of a trusted, audited, and transparent stablecoin for SAFU,” which further enhances its reliability and ensures it remains stable at $1 billion.

The exchange’s Secure Asset Fund for Users is an emergency insurance fund established in 2018 to protect Binance users in extreme situations, such as exchange hacks, where users could be reimbursed for unforeseen losses.

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Binance Announces SAFU Fund Has Reached $1 Billion

February 1, 2022 Bitcoin.com

Binance

Binance has announced one of its trademark features, the SAFU fund, has reached a milestone in its development. The SAFU fund, an acronym that stands for “Secure Asset Fund for Users,” has reached the amount of one billion dollars, securing the funds of users in case of a hacking emergency. The exchange, which is one […]

safu