SAFU fund full position transfer to USDC
According to Binance’s announcement on April 18, Binance has converted all assets of the Security for User Assets Fund (SAFU) into USDC, and Circle CEO Jeremy Allaire also forwarded the announcement.
SAFU address is here
SAFU was previously mainly composed of BNB, BTC, USDT and TUSD. Binance has continued to monitor the size of SAFU's funds for many years to maintain it at a level that can protect users. Although SAFU's funds have fluctuated, the level is usually set at $1 billion.
Today, all SAFU assets will be converted to $USDC, bolstering reliability and stability at $1bn.
Read more https://t.co/Dggl3CdQYU
— Binance (@binance) April 18, 2024
SAFU Origin
In 2018, a content creator named Bizonacci uploaded a video on YouTube titled "Funds Are Safu." The term quickly spread in the crypto community and became a viral meme.
Binance initially established the SAFU fund in July 2018. The full text of SAFU is Secure Asset Fund for Users. When Binance founder Changpeng Zhao (CZ) was in office, he often emphasized to users that "Funds are safe".
SAFU has received much attention after FTX declared bankruptcy:
(Binance Changpeng Zhao responded to concerns about the imbalance of SAFU fund allocation: BNB rose too fast)
This article Binance SAFU Fund Adjusts to Hold $1 Billion USDC first appeared on Chain News ABMedia.
