USDC - Binance Shifts $1B Emergency Fund To Stablecoin USDC: A New Era Of Stability? | Benzinga
In a significant move, Binance, the world’s leading cryptocurrency exchange, has made a strategic shift in the composition of its emergency fund, opting for the stability of a stablecoin amid a dynamic market landscape.
What Happened: Binance has transformed its user emergency fund entirely into USDC, a stablecoin pegged to the U.S. dollar, Bloomberg reported on Thursday.
The Secure Asset Fund for Users (SAFU), established by Binance in 2018, serves as a financial safety net for users during extreme situations.
Under the leadership of CEO Richard Teng, who succeeded Changpeng “CZ” Zhao following a significant legal settlement with U.S. agencies, Binance has seen a series of strategic changes. These include the spinning off of its venture capital arm and stricter token listing requirements.
The SAFU fund, which typically hovers around the ...