Bitcoin exchange Binance converted the assets of The Secure Asset Fund for Users (SAFU) worth $1 billion into the USDC stablecoin.
Today, all SAFU assets will be converted to $USDCbolstering reliability and stability at $1bn.
Read more 👇 https://t.co/Dggl3CdQYU
— Binance (@binance) April 18, 2024
The platform created a framework for emergency insurance in 2018 with the aim of protecting users in emergency situations. Despite the fluctuations, the fund's balance was maintained at a relatively constant level, according to the statement.
According to ArkhamBinance sent 16,277 BTC ($1.01 billion) from the SAFU address to the hot wallet.
In 2023, the exchange supported the First Digital USD (FDUSD) stablecoin launched in Hong Kong by the custody and trust company First Digital. Binance has listed the coin with a commission-free trading program.
In early August, the then head of Binance, Changpeng Zhao, criticized Tether’s USDT, calling the largest stablecoin by capitalization a “black box” with a “certain” level of risk. Next, it became known that the exchange transferred part of the USDC reserves to another asset.
The platform then notified users that it intended to stop supporting its own “stable coin,” BUSD, in 2024. Binance offered clients the opportunity to convert funds into FDUSD.
Source: Cryptocurrency
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