Crypto exchange Binance has made a significant update to its SAFU insurance fund, converting all assets into the USDC stablecoin.

Binance recently announced a sudden change to its emergency insurance fund, SAFU, converting approximately $1 billion worth of assets into Circle’s stablecoin, USD Coin (USDC). The exchange stated in a blog post on Apr. 18 that this move is aimed at adapting to market conditions and ensuring the fund’s stability.

By transitioning SAFU’s assets to USDC, Binance aims to enhance the fund’s reliability. The exchange believes that using a trusted, audited, and transparent stablecoin like USDC will improve the overall integrity of the fund.

Established in 2018, the SAFU fund previously consisted of assets like Bitcoin (BTC), Tether (USDT), TrueUSD (TUSD), and Binance Coin (BNB). This recent reorganization follows the appointment of Richard Teng as Binance’s CEO and the formation of the exchange’s first board of directors.

The board, chaired by Gabriel Abed, includes key executives like Richard Teng, Heina Chen, Jinkai He, and Lilai Wang. These changes come as part of Binance’s ongoing efforts to enhance its operations and comply with regulatory requirements.

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