Cryptocurrency exchange Binance announced on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT).
The move comes in response to Paxos' recent decision to stop minting new Binance USD (BUSD), leading to a decrease in BUSD's market capitalization over time.
As Paxos will no longer be minting new BUSD, #Binance has swapped the BUSD in the SAFU Fund for TUSD & USDT.This change will have no impact on users, and the funds remain on publicly verifiable addresses.Funds are SAFU.https://t.co/edLVgpdCUQThe Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established by Binance in July 2018 to protect users' funds in case of security breaches or other unforeseen events.
Binance committed a percentage of trading fees to grow the fund, which was valued at US$1 billion as of January 29, 2022. The fund's wallets initially consisted of Binance Coin (BNB), Binance USD (BUSD), and Bitcoin (BTC).Read more on cointelegraph.com