Binance Swap BUSD For TUSD, USDT In SAFU Fund
18 Mar 2023 9:43 PM
Binance has switched the stablecoin for ERC-20 TUSD and BEP-20 USDT and will no longer maintain BUSD in its Secure...
- Binance has replaced BUSD with TUSD and USDT in its Secure Asset Fund for Users (SAFU).
- This is in response to Paxos' decision to stop issuing new BUSD, causing its market capitalization to decline.
- SAFU is an emergency insurance fund launched by Binance to protect users' cash in case of security breaches or other unanticipated circumstances.
- Users will not be impacted by the change, and their cash will continue to be housed in publicly verifiable addresses.
- Binance will regularly monitor the fund to make sure it is adequately financed and periodically top it off with its own assets if needed.
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The article is neutral in tone, providing factual information about Binance's decision to replace BUSD with TUSD and USDT in its SAFU.
Why did Binance replace BUSD with TUSD and USDT in its SAFU?
What is SAFU?
Will users be impacted by the change?
How will Binance monitor the fund to make sure it is adequately financed?
Why did Paxos stop issuing new BUSD?