Binance has exchanged a diversified $1 billion crypto portfolio in SAFU funds into USD Coin.
The Secure Asset Fund for Users (SAFU ) — an emergency fund established by crypto exchange Binance to cover user assets — contained various cryptocurrencies, such as Bitcoin (BTC), Tether (USDT), True USD (TUSD) and BNB (BNB).
But on April 18, 2024, Binance denominated the entire fund — 100% of SAFU assets — in Circle’s USD Coin (USDC).
The timing of this decision may seem odd, with the Bitcoin bull market in full swing, driven by the recent halving and high Bitcoin exchange-traded fund (ETF) volumes.