Binance, the world's largest cryptocurrency exchange, has converted its entire $1 billion Secure Asset Fund for Users (SAFU), established in 2018, into USD Coin (USDC), a stablecoin issued by US-based Circle Internet Financial. The conversion from a mix of Bitcoin (BTC), Binance Coin (BNB), Tether (USDT), and TrueUSD (TUSD) to USDC is aimed at enhancing the stability and reliability of the emergency fund. The SAFU address now holds 1 billion USDC, and the BTC previously reserved has been transferred back to the hot wallet, reflecting Binance's strategic shift towards using a stable and government-backed digital currency amidst volatile crypto market conditions.
🚨 #Binance transfers its $1B Secure Asset Fund for Users ( #SAFU )to $USDC in a bid to increase transparency and stability. https://t.co/uzixXKr6Rt
Crypto exchange Binance has made a notable reorganizational move for its billion-dollar SAFU insurance fund, with all the assets in it converting into the USDC stablecoin https://t.co/NKR5jfoYuF
BINANCE CONVERTS 100% OF ITS EMERGENCY ‘SAFU’ FUND TO USDC - WHAT TO KNOW - Binance, the world's leading crypto exchange, announced transferring 100% of its $1 billion emergency ‘SAFU’ assets to Circle's stablecoin USD Coin $USDC. Here's What You Need to Know: - The exchange… https://t.co/yO6KJZD7tE https://t.co/2LYSDaubPm
BINANCE CONVERTS 100% OF ITS EMERGENCY ‘SAFU’ FUND TO USDC - WHAT TO KNOW - Binance, the world's leading crypto exchange, announced transferring 100% of its $1 billion emergency ‘SAFU’ assets to Circle's stablecoin USD Coin (USDC). Here's What You Need to Know: - The exchange… https://t.co/0cYiSp2l2B https://t.co/2LYSDaubPm
⚡️Binance is transferring 100% of SAFU’s assets to $USDC. Does it mean that @binance SAFU is now controlled by the US government?
.@binance is transferring 100% of SAFU’s assets to $USDC. https://t.co/rnRquD4fem https://t.co/ZdQ68Dtqk1
🚨JUST IN: BINANCE ANNOUNCES TO TRANSFER 100% OF ITS $1B EMERGENCY ‘SAFU’ ASSETS TO USDC
In 2022, #binance sent a total of 16.277K $BTC which was worth ~$450M by that time to their #SAFU BTC wallet. 3 hours ago, they sent these #BTC to #binance hot wallet as it is worth $1.01B now. The $1B SAFU is now all in USDC on Ethereum: Data: https://t.co/vzzStEjz8N https://t.co/VgYf8hACxx
📣 Latest News: Binance's $1B emergency ‘SAFU' fund now makes up 3% of UDSC supply #news #cryptonews #crypto
Binance deposited 16,277 $BTC($1B) and 1.36M $BNB($748.62M) to hot wallet, then withdrew 1B $USDC to the SAFU fund wallet. On Jan 29, Nov 9, 2022, and Mar 17, 2023, Binance withdrew 1.36M $BNB($499.24M) and 16,277 $BTC($453.25M) from the hot wallet as SAFU assets. Based on the… https://t.co/wqjoZdDBsw
Binance has *already* sold its SAFU assets for USDC https://t.co/2QGMQ079GW
Binance has *already* sold its SAFU assets for USDC Address: 0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa https://t.co/oHqMqhE7qA
Update: Binance announced that it has converted all Secure Asset Fund for Users to USDC to enhance stability. Currently, the SAFU address holds 1 billion USDC instead of BNB USDT and TUSD. Another address used to reserve BTC has transferred all BTC back to the hot wallet.…
The world’s largest crypto exchange Binance has converted the entire pool of assets held in an emergency fund for users into USDC, the stablecoin issued by US firm Circle Internet Financial, per Bloomberg.
The world’s largest crypto exchange Binance has converted the entire pool of assets held in an emergency fund for users into USDC, the stablecoin issued by US firm Circle Internet Financial. https://t.co/GhmjUU9i8d
Look like Binance sold $1B of btc. The safu insurance fund previously had this bitcoin address as its main address https://t.co/4Juu85SNIk. $1b of outflows this morning. This Ethereum wallet now contains $1B of usdc that came in this morning: https://t.co/R9mXuTUvJ7
Today, all SAFU assets will be converted to $USDC, bolstering reliability and stability at $1bn. Read more 👇 https://t.co/Dggl3CdQYU
Binance announced that it will convert all of its Secure Asset Fund for Users (SAFU) from BTC BNB USDT TUSD to USDC. SAFU is an emergency insurance fund established in 2018 to protect Binance users in extreme situations. SAFU is usually set at $1 billion. https://t.co/M8P1HxPtrT