world’s largest cryptocurrency stock market Binancethe native stablecoin of Paxos BUSD He has been making new moves since he announced that he would not print.
In this context, the BUSD move came from Binance for the “Secure Asset Fund for Users”, an emergency insurance fund with a value of US$ 1 billion, which was established in July 2018 to protect user funds.
Secured Asset Fund for Users (SAFU) BUSD assets TrueUSD (TUSD) And Tether (USDT) Binance stated that this change is to ensure that the assets in SAFU continue to protect users in the long term, while the market value of BUSD continues to decrease over time.
“Since Paxos announced that it will no longer issue new BUSD, Binance has replaced BUSD holdings in the Users Secure Asset Fund for TUSD and USDT.
This swap is meant to ensure that assets in SAFU continue to protect users over the long term, while the market value of BUSD continues to decline over time.
This change will have no impact on users and these funds will continue to be at publicly verifiable addresses.
BUSD will continue to be supported on Binance.
The SAFU fund will be closely monitored to ensure it is adequately capitalized and replenished periodically as needed, using Binance’s own funds.”
Below the Binance description Bitcoin (BTC), Binance Coin (BNB), USDT and TUSD He also shared his wallet addresses.
As Paxos will no longer be minting new BUSD, #Binance has swapped the BUSD in the SAFU Fund for TUSD & USDT.
This change will have no impact on users, and the funds remain on publicly verifiable addresses.
Funds are SAFU.https://t.co/edLVgpdCUQ
— Binance (@binance) March 17, 2023
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