Binance has converted all of the crypto in its $1 billion emergency insurance fund into the stablecoin USDC.
Ukushintshaniswa okungcono kakhulu kwe-crypto global Esungulwe the “Secure Asset Fund for Users” (SAFU) in 2018 to protect Binance users from “extreme situations.”
The fund has typically attempted to maintain a balance worth $1 billion, though fluctuating crypto prices have impacted the value of its holdings over the years. In late 2022, the fund ebanjwe $700 million worth of Binance USD (IBHASISI) futhi BNB, as well as $300 million worth of Bitcoin (BTC).
Early last year, however, BUSD’s issuer, Paxos, wathola a “Wells Notice” from the U.S. Securities and Exchange Commission (SEC). In the notice, the regulator stated that it was “considering recommending an action alleging that BUSD is a security and that Paxos should have registered the offering of BUSD under the federal securities laws.”
The New York Department of Financial Services (NYDFS) also ordered the crypto company to freeze production of BUSD, which aims to maintain a peg to the US dollar, and Paxos subsequently kumemezela that it would end its relationship with Binance for the branded stablecoin.
As a result, Binance swapped out the SAFU BUSD holdings for the stablecoins USDT and TrueUSD (I-TUSD) ngoMashi 2023.
Now all of those holdings have been converted to USDC, the second-largest stablecoin by market cap. Binance says the switch “enhances reliability.”
Top US crypto exchange Coinbase and Circle co-created USDC in 2018 and jointly managed the asset through the Centre Consortium until last year.
Ngo-August, Coinbase Chief Executive u-Brian Armstrong kanye Circle CEO Jeremy Allaire wathi Circle uzoletha yonke imithwalo yemfanelo yokuphatha kanye nokusebenza USDC sika endlini.
Ungaphuthelwa yi-Beat - Bhalisa ukuze uthole izaziso ze-imeyili zilethwe ngokuqondile ebhokisini lakho lokungenayo
Hlola Price Action
Silandele ku Twitter, Facebook futhi yocingo
Surf I-Daily Hodl Mix
Ukuzikhulula: Imibono evezwe kuDaily Hodl akusona izeluleko zokutshala imali. Abatshalizimali kufanele benze ukukhuthala kwabo ngaphambi kokwenza noma yikuphi ukutshalwa kwemali okuyingozi enkulu kwiBitcoin, i-cryptocurrency noma impahla yedijithali. Uyaziswa ukuthi ukudluliselwa kwakho nokuhweba kusengozini yakho, futhi noma yikuphi ukulahlekelwa ongakuthola kungumthwalo wakho wemfanelo. I-Daily Hodl ayikukhuthazi ukuthengwa noma ukuthengiswa kwanoma yiphi i-cryptocurrencies noma impahla yedijithali, futhi ne-The Daily Hodl ingumeluleki ngokutshalwa kwezimali. Uyacelwa ukuthi uqaphele ukuthi iDaily Hodl ibamba iqhaza kwezentengiso ezihambelana nayo.
Isithombe Esenziwe: Midjourney
- I-SEO Powered Content & PR Distribution. Khuliswa Namuhla.
- I-PlatoData.Network Vertical Generative Ai. Zinike Amandla. Finyelela Lapha.
- I-PlatoAiStream. I-Web3 Intelligence. Ulwazi Lukhulisiwe. Finyelela Lapha.
- I-PlatoESG. Ikhabhoni, I-CleanTech, Amandla, Environment, Ilanga, Ukuphathwa Kwemfucuza. Finyelela Lapha.
- I-PlatoHealth. I-Biotech kanye ne-Clinical Trials Intelligence. Finyelela Lapha.
- Source: https://dailyhodl.com/2024/04/19/top-crypto-exchange-binance-converts-1000000000-secure-asset-fund-from-bitcoin-and-bnb-to-stablecoin-usdc/
