Binance has announced its decision to transfer 100% of SAFU’s assets to USDC, intending to address market conditions directly. This move aims to enhance SAFU’s reliability and maintain its stability at the $1 billion mark. Binance believes that leveraging USDC will provide a trusted, audited, and transparent stablecoin for SAFU, further enhancing the fund’s reliability. Founded in 2018, the SAFU fund previously comprised assets such as Bitcoin (BTC), Tether (USDT), TrueUSD (TUSD), and Binance Coin (BNB).
However, the recent decision to transfer assets to USDC follows the appointment of Richard Teng as CEO of Binance, succeeding Changpeng Zhao, as part of an agreement with the U.S. Department of Justice. The board overseeing this transition consists of seven members, including key executives such as Richard Teng, and founding members Heina Chen, Jinkai He, and Lilai Wang.