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SirWin
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SirWin

Binance converts assets of its SAFU insurance fund into Circle’s USDC

binance-converts-assets-of-its-safu-insurance-fund-into-circles-usdc
Edited by
News
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.

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.