Cryptocurrency exchange Binance made a significant move to USDC today. The move is likely to generate a lot of discussions as it involves a substantial amount of $1 billion. Binance has made an announcement regarding this matter and informed its users. Let’s delve into the details of this development.
The Importance of SAFU for Users
For users, the Secure Asset Fund for Users (SAFU) is an emergency insurance fund established by Binance in 2018 to protect its users in extraordinary circumstances. The exchange continues to highlight that this move sets them apart from other exchanges.
Binance has continued to monitor the size of SAFU over the years, maintaining the balance at a level sufficient to protect its users. Despite fluctuations, this level is generally set at $1 billion.
Binance Converts SAFU to USDC
As SAFU remains a fundamental part of its responsibility towards the ecosystem, Binance emphasizes the importance of directly addressing market conditions. In this context, Binance took a new step and announced today that 100% of SAFU’s assets have been converted to USDC.
Using a reliable, audited, and transparent stablecoin for SAFU has further increased its reliability and ensured it remains fixed at $1 billion. Binance also emphasized that SAFU funds can now be seen at the specified USDC address: 0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa.
Following Binance’s announcement that all Secure Asset Fund for Users assets were converted to USDC to enhance stability, Spot on Chain reported that 16,277 BTC and 1.36 million BNB were withdrawn from two SAFU wallets and redeposited into CEX’s hot wallets. It was stated that these two SAFU wallets currently hold $1 billion in USDC.
