) Binance is the leading trading exchange in the world by volume. Circle USDC has converted its Secure Asset Fund for Users Fund (SAFU).
Then, you can get in touch with us. AnnouncementBinance has praised Circle’s USDT stablecoin as “audited”, “trusted”, and “secure”.
Binance launched the emergency fund in July to protect its users. Binance has allocated a percentage of its trading fees for the fund.
Before the conversion, wallets for the fund included Binance’s native BNB, Bitcoin (BTC), Tether’s USDT, and TrueUSD (TUSD). The fund’s size was usually set at $1 billion but the value fluctuated because it contained a variety of cryptocurrencies.
Binance, for example, would be able to respond quickly when, in November 2022, the crypto market was experiencing extreme volatility due to the FTX Crisis. Rush To protect the user, you need to add more.
Converting the SAFU Fund into USDC ensures that the fund will remain stable even if the market fluctuates. USDC Stablecoins are pegged to US dollars. It is also often hailed as a more secure alternative to Tether’s USDT because it places a strong focus on compliance with regulatory requirements. Chris Holland, a partner with compliance firm HM told Bloomberg the conversion provides “certainty’ to the value.
CoinGecko’s data shows that USDC has a $32.4 billion market cap, making it the 6th largest cryptocurrency. Binance BNB’s token is ranked fourth with a $83.9 billion market capitalization.
Binance swapped its BUSD tokens out in March 2023 after Paxos halted the production of the stablecoin due to concerns about regulatory issues.