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Binance SAFU fund adjusted to hold $1 billion in USDC.

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Binance SAFU fund adjusted to hold $1 billion in USDC.

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Table of Contents

SAFU Fund Fully Converted to USDC

According to a announcement by Binance on April 18, the exchange has converted all assets of the Secure Asset Fund for Users (SAFU) into USDC. Circle's CEO, Jeremy Allaire, also retweeted the announcement.

SAFU address can be found here

Previously, SAFU was primarily composed of BNB, BTC, USDT, and TUSD. Binance has been monitoring the size of the SAFU fund over the years to maintain a level that can protect users. Despite fluctuations in the SAFU fund, the threshold is usually set at $1 billion.

Origin of SAFU

In 2018, a content creator known as Bizonacci uploaded a video on YouTube titled "Funds Are Safu", which quickly became a popular meme in the crypto community.

Binance initially established the SAFU fund in July 2018, with SAFU standing for Secure Asset Fund for Users. When Binance's founder, Changpeng Zhao (CZ), was in charge, he often reassured users that their funds were safe with the phrase "Funds are safe."

SAFU gained attention after the declaration of bankruptcy by FTX:

Changpeng Zhao of Binance responds to concerns over SAFU fund allocation imbalance: BNB's rapid price increase led to it