Binance replaces BUSD in SAFU fund with TUSD and USDT

Binance, one of the most popular cryptocurrency exchanges, recently announced that it was replacing the BUSD stablecoin held in the ​Secure Asset Fund for Users (SAFU) with TUSD and USDT. This move signals a shift in the crypto space and could indicate further changes in the near future.

SAFU is the fund set aside by Binance to ensure the safety of its users’ funds. The fund currently holds around $360 million and is made up of different cryptocurrencies and stablecoins. Until recently, the pool was predominantly made up of BUSD, the stablecoin that Binance has a shared venture with Paxos. But now, Binance is introducing new stablecoins to the fund, Tether’s USDT and TrustToken’s TUSD.

Binance assured users that the change would not impact them in any way and that their funds would continue to be held in publicly verifiable addresses. The exchange further stated that the reason for the change was to diversify its reserves and ensure greater safety for its users.

The move is seen as a positive one, as the introduction of two new stablecoins adds further liquidity to the market. It also adds further credibility to the SAFU fund, as both TUSD and USDT are backed by reputable organizations.

At this time, it is not clear whether Binance plans to introduce any other coins to the SAFU fund. However, the exchange will likely continue to monitor the market and make changes as necessary to ensure the safety and security of its users.

Conclusion

Binance announced the changes to its SAFU fund, replacing BUSD with TUSD and USDT. The exchange assured customers that these changes will not impact them in any way and that their funds will remain secure. This move signals a shift in the crypto space and could be indicative of further changes in the near future.

This article was written for informational purposes only and should not be taken as financial advice.