Exchange Binance has converted 100% of its Secure Asset Fund for Users (SAFU) assets to stablecoin USD Coin.
The firm established SAFU in 2018 as an emergency fund for customers during extreme situations. Previously, Binance’s wallets held Binance Coin (BNB), Tether (USDT), Bitcoin (BTC), and TrueUSD (TUSD).
Meanwhile, the exchange is converting all SAFU reserves into USDC to enrich stability and trustworthiness.
Also, another address holding Bitcoin has sent the entire 16,277,000 BTC to Binance’s hot wallet.
The SAFU reserves now contains 1 million USDC tokens. Binance explained that the transparent, audited, and trusted stablecoin will enhance the emergency fund’s reliability and maintain stability at $1 billion.
Binance to resume operations in India
The leading exchange recently unveiled its plans to relaunch its operations in India, following the country’s decision to block ten exchanges early in 2024.
Notable, Binance intends to pay a $2M penalty before resuming as a compliant and FIU-registered entity.
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