Secure

USDC

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TrueUSD

The largest crypto exchange, Binance, has moved its $1 billion Secure Asset Fund for Users (SAFU) into USD Coin (USDC), representing 3% of USDC’s supply.&nbsp; 
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 Today, all SAFU assets will be converted to <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">$USDC</a>, bolstering reliability and stability at $1bn. Read more 👇 <a href="https://t.co/Dggl3CdQYU" target="_blank" data-wpel-link="external">https://t.co/Dggl3CdQYU</a>— Binance (@binance) <a href="https://twitter.com/binance/status/1780798408413823287?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">April 18, 2024</a>
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The move, <a href="https://www.binance.com/en/blog/ecosystem/update-safu-conversion-to-usdc-270057093957213098" target="_blank" rel="noreferrer noopener" data-wpel-link="external">announced</a> on April 18, aims to enhance reliability and stability, with SAFU’s assets now in a trusted, audited, and transparent stablecoin worth $1 billion. 
Established in 2018, SAFU protects users during extreme situations like hacks, offering reimbursement for losses. A recent <a href="https://etherscan.io/tx/0x342155643c7fea435c88b811895190aea566243bae182d247596a8a9fecfb8a0" target="_blank" rel="noreferrer noopener" data-wpel-link="external">transaction</a> saw 800 million USDC moved with a minimal fee of $1.88. Additionally, 1.36 million BNB ($754 million) and 16,277 BTC were also <a href="https://blockchair.com/bitcoin/transaction/2d309a604de05f8ade5ca96b6a9842f93b4920415369f25e50708452c800cd21" target="_blank" rel="noreferrer noopener" data-wpel-link="external">transferred</a> during the conversion. 
This marks SAFU’s second conversion in a year, previously shifting from Binance USD to Tether and TrueUSD due to regulatory changes. Tether, with a $108 billion supply, leads the stablecoin market, while USDC holds around 20% of the market.&nbsp; 
This move strengthens Binance’s risk management strategy, enhancing user protection and maintaining stability within its emergency fund. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/18/binance-plans-to-re-enter-india-after-2m-fine-payment/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Binance Plans to Re-Enter India After Paying $2M Fine</a> 
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Binance Converts $1 Billion SAFU Fund to USDC for Stability

The Crypto Times

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