Binance Converts Assets Of Its SAFU Insurance Fund Into Circles 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.
Established in 2018, the SAFU fund was previously comprised of such assets as Bitcoin (BTC), Tether (USDT), TrueUSD (TUSD), and Binance Coin (BNB). The latest move comes following the appointment of Richard Teng as CEO of Binance, succeeding Changpeng Zhao, as part of an agreement with the U.S. Department of Justice.
In addition to the SAFU reorganization, Binance recently appointed its first board of directors, chaired by Gabriel Abed, Barbados’ former ambassador to the United Arab Emirates. The board, consisting of seven members, includes key executives such as Richard Teng, as well as founding members Heina Chen, Jinkai He, and Lilai Wang.
Ether Surges 16% Amid Speculation Of US ETF Approval
New York, USA – Ether, the second-largest cryptocurrency by market capitalization, experienced a significant surge of ... Read more
BlackRock And The Institutional Embrace Of Bitcoin
BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
This Emerging DeFi Token Could Steal The Spotlight In 2025
A rising DeFi token could challenge Ethereum's dominance by 2025, reshaping decentralized finance. #partnercontent Read more
Altcoin Season Update: A Look At Whats Next For Cardano And Solana
As altcoin season heats up, ADA and SOL draw attention, with Lightchain AI Presale emerging as a rising star. #partnerco... Read more
Altcoin Seasons Top 3 Winners — Cryptos Picks For Winter 24/25 Trading
As winter 2024/25 nears, top altcoins gain momentum, offering promising trading opportunities. #partnercontent Read more