Binance’s SAFU Accounts for 3% of UDSC’s Supply

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Binance has recently announced that it is converting its Secure Asset Fund for Users (SAFU) into Circle’s stablecoin USD Coin.

This conversion represents 3% of the total circulating supply of USD Coin.

The company made the announcement on April 18, stating that their reasoning for the conversion is to use a trusted and transparent stablecoin for SAFU, which will enhance its reliability and maintain its stability at a value of $1 billion.

The SAFU was established in 2018 as an emergency insurance fund to protect Binance users in cases of extreme situations such as exchange hacks, providing reimbursement for unexpected losses.