Binance shifts billion-dollar emergency fund to USDC

Binance, the world’s largest crypto exchange, has undergone a shift by converting its entire pool of assets held in the Secure Asset Fund for Users (SAFU) into USDC, the stablecoin issued by US firm Circle Internet Financial.

Established in 2018, SAFU served as a backstop for customers in extreme situations, but now, Binance has decided to transfer 100% of SAFU’s assets to USDC, marking a notable transition, Bloomberg first reported.

Previously, Binance maintained funds in wallets containing TUSD, BNB, Bitcoin, and Tether’s USDT. However, the move to USDC represents the latest strategic maneuver under the leadership of Chief Executive Officer Richard Teng, who assumed the role following a plea deal with US agencies that resulted in a hefty $4.3 billion fine in November 2023.