'Binance announced that it will convert all of its Secure Asset Fund for Users (SAFU) from BTC BNB USDT TUSD to $USDC. SAFU is usually set at $1 billion'

4? 😱

DeBank: nerd | Lens: nerrd | X: realnerrd | Stay /onchain

Ethereum enthusiast, privacy advocate and Hambassador 🍖

What's good for us about Binance selling BTC and BNB? I don't think that's good news, sir

Fair, my perspective was rather on the safety aspect of the assets, so now it is a really emergency fund. I think the impact depends on how the asset split, e.g.  amount of USDT etc, was and if they plan to market sell it. Seems also suspicious timing wise to me.

I agree with you, USDC is much more reliable and less volatile compared to, say, BNB. We can only speculate why they did this. Probably it's part of some deal. Hopefully, we'll find out the reasons soon

People are suspecting it has something to do with Yellen’s Iran sanctions, hopefully not something bigger. I really hate that there cannot be a calm day in crypto.

https://x.com/binance/status/1780856397669830952?s=12 but it’s already behind us? So was probably one driver that send us lower

True, but I don’t want to have another FTX moment any time soon 😅