Binance Swapped BUSD In $1 Billion SAFU Fund For TUSD And USDT Stablecoins

Binance swapped BUSD holdings in its Secure Asset Fund for Users (SAFU) fund to two other stablecoins, the crypto exchange announced on Friday. The BUSD held in SAFU was transferred into TUSD, an Ethereum-based stablecoin issued by the TrustToken platform, and Tether’s USDT.

Crypto’s largest centralized exchange made the swap to “ensure that assets in SAFU continue to protect users” in the long run since Paxos can no longer mint new BUSD coins and the token’s market cap will dwindle to zero over time.