Binance held $1 billion in TUSD, BNB, Bitcoin, and USDT stablecoins in the SAFU Contingency Fund.
The purpose of transferring “100% of SAFU assets to USDC” is to maintain a liquid price level against the US dollar. SAFU funds, according to the official announcement of the exchange, are now available at the USDC address: 0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa.
The reasons that prompted Binance to decide to exchange Tether’s USDT stablecoins for Circle’s USDC stablecoins, as well as other crypto assets, have not been commented on.
Partner at Singapore-based compliance consultancy HM Chris Holland stated
Bloomberg that “converting 100% of SAFU to USDC gives Binance confidence that the value of the fund corresponds to its dollar value.”
Bloomberg previously reported that cryptocurrency exchange Binance received a full virtual asset service provider (VASP) license in Dubai.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
