Binance Converts Entire Billion-Dollar Emergency Fund Into USDC

The world’s largest crypto exchange Binance has converted the entire pool of assets held in an emergency fund for users into USDC, the stablecoin issued by US firm Circle Internet Financial.

The Secure Asset Fund for Users (SAFU) was established in 2018 to serve a backstop for customers in “extreme situations”, according to the exchange. Binance said in an announcement today it would be “transferring 100% of SAFU’s assets to USDC.”

Binance previously held funds in wallets comprising TUSD, BNB, Bitcoin, and Tether’s USDT, according to a Binance Academy post.

The move to USDC, a stablecoin that aims ...