Binance has completed the conversion of its Secure Asset Fund for Users (SAFU) into Circle’s USD Coin (USDC) stablecoin, according to on-chain data.
In an April 18 statement, Binance confirmed transferring 100% of SAFU’s assets to the USDC stablecoin. According to the firm, its “use of a trusted, audited, and transparent stablecoin for SAFU further enhances its reliability and ensures it remains stable at $1 billion.”
USDC is the second-largest stablecoin by market capitalization and is hailed by some for its transparency. It has also spent resources aligning itself with a compliance-first approach around the world.
Following this announcement, Binance deposited 16,277 BTC (approximately $1 billion) and 1.36M BNB (valued at nearly $749 million) into its hot wallet before withdrawing $1 billion USDC to the SAFU fund wallet.
Launched in 2018, SAFU is an emergency insurance fund that safeguards users against extreme situations like exchange hacks and ensures potential reimbursemen
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