Binance, the world's largest cryptocurrency exchange, started the day with announcements.
At this point, Binance stated that it has converted all SAFU (Secure Asset Fund for Users) assets into USDC and aims to stabilize the fund at a value of $1 billion.
According to data, there is currently 1 billion USDC in the Binance SAFU fund address instead of Bitcoin (BTC), BNB, USDT and TUSD.
According to Arkham data, Binance appears to have transferred the entire 16,277 BTC of the SAFU Fund (1BAuq7…CmWQkD) to the Binance hot wallet.
The statement included the following statements:
“The Secure Asset Fund for Users (SAFU) is an emergency insurance fund established in 2018 to protect Binance users in emergencies and has remained a key part of what differentiates us from other exchanges. Over the years, we have continued to monitor the size of SAFU and balance it with protecting our users.” We kept it at a sufficient level, although it fluctuated, this level was generally set at 1 billion dollars.
SAFU remains a fundamental part of our responsibility to the ecosystem and we continue to evolve to directly meet market conditions. Today we are transferring 100% of SAFU's assets to USDC. “The use of a trusted, regulated and transparent stablecoin for SAFU further increases its credibility and ensures it remains stable at $1 billion.”
What is Binance SAFU?
Binance SAFU (Secure Asset Fund for Users) is a $1 billion emergency insurance fund launched by the firm to protect platform users in case of any untoward situation.
*This is not investment advice.