The largest crypto exchange, Binance, has moved its $1 billion Secure Asset Fund for Users (SAFU) into USD Coin (USDC), representing 3% of USDC’s supply.
The move, announced on April 18, aims to enhance reliability and stability, with SAFU’s assets now in a trusted, audited, and transparent stablecoin worth $1 billion.
Established in 2018, SAFU protects users during extreme situations like hacks, offering reimbursement for losses. A recent transaction saw 800 million USDC moved with a minimal fee of $1.88. Additionally, 1.36 million BNB ($754 million) and 16,277 BTC were also transferred during the conversion.
This marks SAFU’s second conversion in a year, previously shifting from Binance USD to Tether and TrueUSD due to regulatory changes. Tether, with a $108 billion supply, leads the stablecoin market, while USDC holds around 20% of the market.
This move strengthens Binance’s risk management strategy, enhancing user protection and maintaining stability within its emergency fund.
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