Binance pledges $1 billion fund to bitcoin as market tanks to months-low
Binance is converting $1 billion in SAFU stablecoin reserves entirely into Bitcoin over 30 days to support the industry.Summary
Binance announced its intention to convert its entire $1 billion in stablecoin reserves held within its Secure Asset Fund for Users (SAFU) into Bitcoin over the next 30 days. This move, detailed in an open letter, aims to support the crypto industry through market uncertainty, reflecting Binance's long-term confidence in Bitcoin. To manage volatility, the exchange will conduct regular audits and rebalance the fund if its market value drops below $800 million due to BTC price fluctuations. This announcement comes as Bitcoin dropped to its lowest level since November, falling 7% in 24 hours amid broader risk-off sentiment, geopolitical tensions, and outflows from ETFs, causing significant liquidations across the crypto market.
(Source：The Block)