In a final update on its SAFU Fund Asset Conversion, Binance stated it has completed the final tranche purchase of 4,545 BTC, completing the $1 billion transition of SAFU stablecoin reserves into Bitcoin.
Binance noted that the transition was completed within 30 days of the initial announcement, as it committed. The SAFU fund now holds 15,000 BTC, worth $1,005,000,000 at the time of completion (calculated at a BTC price of $67,000).
Binance added that the SAFU Fund, now fully in Bitcoin, reinforces its belief in BTC as the premier long-term reserve asset.
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The news of Binance completing the $1 billion transition of SAFU stablecoin reserves into Bitcoin caught the attention of the crypto community on X.
An X user commended this move while highlighting a recent FUD trend against Binance. This caught the attention of Binance cofounder Changpeng “CZ” Zhao, who expressed optimism about the SAFU Fund, which he says might work out pretty well in the long run.
“Could be wrong, but I have a feeling it might work out pretty well for the SAFU fund in the end. Save the tweet. Can revisit later,” CZ said.
SAFU represents a security fund launched by Binance to protect users from losses due to unforeseen events, such as hacks. At January’s close, Binance revealed a plan to convert $1 billion worth of dollar-pegged tokens into Bitcoin for the fund over the next 30 days and pledged to replenish the amount if the value fell below $800 million due to price volatility.
This approach, however, carries its own risk. A Bitcoin-backed SAFU fund might fluctuate in value alongside the broader market, highlighting the importance of Binance’s promise to replenish it during periods of volatility.
Binance news
Binance recently announced an initiative with Franklin Templeton to launch an institutional collateral program, enabling tokenized money market fund (MMF) shares issued via Franklin Templeton’s Benji Technology Platform to be used as collateral on Binance. This is the first initiative under Binance and Franklin Templeton’s partnership announced last year.
In the new listing, Binance will list Espresso (ESP) and open trading for Spot Trading Pairs ESP/USDT, ESP/USDC and ESP/TRY on Feb. 12. Withdrawals will open on Feb. 13 at 1:00 p.m. (UTC).
In upcoming delistings, Binance will remove and cease trading for AT/BNB, AVAX/BNB, BANANA/BTC, COTI/BTC, FF/BNB, HIVE/BTC, IO/BNB, LRC/BTC, MANA/BTC, SAGA/BNB, W/FDUSD, XPL/BNB and ZK/BTC trading pairs on Feb. 13 at 8:00 a.m. (UTC).
Source: https://u.today/binances-cz-denies-fud-as-binance-moves-safu-reserves
