TechFlow News: On January 30, Binance announced in its latest open letter a major adjustment to the Secure Asset Fund for Users (SAFU), planning to convert its entire $1 billion stablecoin reserve into Bitcoin reserves within the next 30 days.
Binance stated that this decision is based on its assessment of Bitcoin as the core asset of the crypto ecosystem and its long-term value, aiming to share the uncertainty brought by cyclical volatility with the industry. Meanwhile, Binance pledged to conduct regular audits of the SAFU fund’s asset size; should Bitcoin price fluctuations cause the fund’s market value to fall below $800 million, Binance will top up the fund with additional Bitcoin to restore its size to $1 billion.
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