Binance kept $1 billion denominated in TUSD, BNB, bitcoins and USDT stablecoins in the SAFU users' emergency asset insurance fund.
The purpose of transferring "100% of SAFU assets to the USDC" is to maintain a liquid price level against the US dollar. SAFU funds, according to the official announcement of the exchange, are now available at the USDC address: 0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa.
The reasons that prompted Binance to decide to exchange Tether's USDT stablecoins for Circle's USDC stablecoins, as well as other crypto assets, are not commented on.
Partner of the Singapore-based HM consulting company specializing in compliance issues Chris Holland He told Bloomberg that "the conversion of 100% SAFU to USDC gives Binance confidence in matching the value of the fund to its dollar expression."
Earlier, Bloomberg spread a message that the Binance cryptocurrency exchange has received a full license from a virtual asset service provider (VASP) in Dubai.