Binance Swaps BUSD for USDT and TUSD in Secure Asset Fund
18 Mar 2023 9:00 AM
Binance said on March 17, 2023, that it would replace the BUSD in its SAFU with USDT and TUSD as the Paxos-issued coin loses market cap....
- Binance swapped BUSD for TUSD and USDT in its Secure Asset Fund for Users (SAFU) to protect user funds.
- The SAFU holds at least $1 billion after the replacement.
- Binance will continue to hold user funds on publicly verifiable addresses and support BUSD trading.
- Paxos redeemed or converted $7.9 billion BUSD tokens to fiat in 32 days after New York regulators ordered its issuer to stop minting the token.
- Moody’s warns of a crisis of confidence in fiat-backed stablecoins following the recent depegging of USDC.
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The article contains both positive and negative sentiments. The positive sentiment is that Binance is taking proactive measures to protect user funds by swapping BUSD for TUSD and USDT in its SAFU. The negative sentiment is that there is a crisis of confidence in fiat-backed stablecoins following the recent depegging of USDC and the collapse of Silicon Valley Bank.
Why did Binance swap BUSD for TUSD and USDT in its SAFU?
How much does the SAFU hold after the replacement?
What did New York regulators order Paxos to do with BUSD?
Why did Moody's warn of a crisis of confidence in fiat-backed stablecoins?
What stablecoin depegged following the collapse of Silicon Valley Bank?