Coinspeaker
Binance Successfully Converts $1B in SAFU Funds to Circle’s USDC
Amid the ongoing heightened cryptocurrency volatility ahead of Bitcoin halving 2024, the leading crypto exchange by daily traded volume and registered users Binance Holdings Ltd announced major changes to its Secure Asset Fund for Users alias SAFU. According to the announcement, Binance’s emergency insurance funds have fully been converted to USDC, a US dollar-backed stablecoin issued by Circle Internet Financial.
“Today, we are transferring 100 percent of SAFU’s assets to USDC. Making use of a trusted, audited, and transparent stablecoin for SAFU further enhances its reliability and ensures it remains stable at $1 billion,” Binance noted.
According to on-chain data, Binance converted a total of 16,277 Bitcoins in several batches and 1.36 million BNB coins to USDC. As a result, Binance SAFU wallets are now capped at $1 billion.
Established in 2018 during the tenure of Changpeng Zhao as t
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