Binance Replaces BUSD with TUSD and USDT in SAFU Fund for Improved Safety and Security2 min read
Binance, one of the world’s leading cryptocurrency exchanges, has replaced the BUSD stablecoin with TUSD and USDT in its Secure Asset Fund for Users (SAFU) fund. This move is aimed at improving the safety of the fund and ensuring that users’ funds are protected.
According to the official announcement by Binance, the SAFU fund was created in 2018 to provide an additional layer of protection for its users in case of unexpected events such as a security breach or other types of losses. The fund is backed by a portion of the trading fees generated by Binance and is used to compensate users in the event of a loss.
Binance has stated that TUSD and USDT are more suitable replacements for BUSD in the SAFU fund because they are more widely used stablecoins in the cryptocurrency market. Binance also noted that TUSD and USDT have a larger market capitalization and are traded on more exchanges than BUSD.
BUSD, which is a stablecoin pegged to the U.S. dollar, was launched by Binance in partnership with Paxos in 2019. It was designed to provide users with a stable and secure way to trade cryptocurrencies without having to convert to fiat currencies.
Binance’s decision to replace BUSD with TUSD and USDT in the SAFU fund is part of the exchange’s ongoing efforts to improve the safety and security of its platform. The exchange has implemented various measures such as two-factor authentication and KYC (know your customer) procedures to ensure that its users’ funds and personal information are protected.
In conclusion, Binance’s decision to replace BUSD with TUSD and USDT in the SAFU fund is a strategic move aimed at improving the safety and security of its platform. The exchange’s commitment to providing a secure and trustworthy trading environment is commendable, and it reflects the growing importance of safety in the cryptocurrency industry.