Binance – the world’s largest cryptocurrency exchange – announced that it has converted the BUSD stablecoin it its SAFU fund. The Secure Asset Fund for Users (SAFU) was launched by the exchange back in 2018 as an emergency insurance fund in order to protect users. The fund initially consisted of Bitcoin (BTC), Binance USD (BUSD), and Binance Coin (BNB).

However, given the latest developments with BUSD issuer Paxos – Binance has opted to hold other stablecoins instead of BUSD. The latest announcement stated that the exchange would swap BUSD for TrueUSD (TUSD) and Tether (USDT). The announcement further said,

“This swap is to ensure that assets in SAFU continue to protect users in the long term as the BUSD market capitalization continues to decrease over time. This change will be of no impact on users, and these funds will continue to be on publicly verifiable addresses.”