Binance converts assets of its SAFU insurance fund into Circle’s USDC
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.
Binance has announced a sudden update for its emergency insurance fund called SAFU, converting all of the assets in it — around $1 billion — into Circle’s stablecoin USD Coin (USDC). While the exact reason for the move remains unclear, the exchange said in a blog announcement on Apr. 18 that it wants to “meet market conditions head-on” by transferring 100% of SAFU’s assets to USDC.
The exchange says the move will enhance the reliability of SAFU while ensuring its stability at the $1 billion mark. By leveraging USDC, Binance says that a “trusted, audited, and transparent” stablecoin for SAFU will further enhance the fund’s reliability.
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