{"id":565143,"date":"2023-03-17T22:30:00","date_gmt":"2023-03-17T19:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-replaces-busd-in-safu-fund-with-tusd-usdt\/"},"modified":"2023-03-17T22:30:00","modified_gmt":"2023-03-17T19:30:00","slug":"binance-replaces-busd-in-safu-fund-with-tusd-usdt","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-replaces-busd-in-safu-fund-with-tusd-usdt\/","title":{"rendered":"# Binance replaces BUSD in SAFU Fund with TUSD &#038; USDT"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a214932b341e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a214932b341e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-replaces-busd-in-safu-fund-with-tusd-usdt\/#%E2%80%9D_Binance_replaces_BUSD_in_SAFU_Fund_with_TUSD_USDT_%E2%80%9C\" >&#8221; Binance replaces BUSD in SAFU Fund with TUSD &#038; USDT  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_replaces_BUSD_in_SAFU_Fund_with_TUSD_USDT_%E2%80%9C\"><\/span>&#8221; Binance replaces BUSD in SAFU Fund with TUSD &#038; USDT  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMTI5YWYxOGQtY2U4MS00MzVhLTk1YmUtNTlmOTFlODUyMDE4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Cryptocurrency exchange Binance\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/support\/announcement\/binance-swaps-out-busd-in-safu-fund-for-tusd-usdt-83c55e9691154f8b8914a3baaaa7ec60\" data-amp=\"https:\/\/www-binance-com.cdn.ampproject.org\/c\/s\/www.binance.com\/en\/amp\/support\/announcement\/83c55e9691154f8b8914a3baaaa7ec60\">announced<\/a>\u00a0on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos&#8217; recent decision to stop minting new Binance USD (BUSD), leading to a decrease in BUSD&#8217;s market capitalization over time.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As Paxos will no longer be minting new BUSD, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> has sw<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed the BUSD in the SAFU Fund for TUSD &amp; USDT.<\/p>\n<p>This change will have no impact on users, and the funds remain on publicly verifiable addresses.<\/p>\n<p>Funds are SAFU.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/edLVgpdCUQ\" data-amp=\"https:\/\/www-binance-com.cdn.ampproject.org\/c\/s\/www.binance.com\/en\/amp\/support\/announcement\/83c55e9691154f8b8914a3baaaa7ec60\">https:\/\/t.co\/edLVgpdCUQ<\/a><\/p>\n<p>\u2014 Binance (@binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1636725009610571776?ref_src=twsrc%5Etfw\">March 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established by Binance in July 2018 to protect users&#8217; funds in case of security breaches or other unforeseen events. Binance committed a percentage of trading fees to grow the fund, which was valued at US$1 billion as of January 29, 2022. The fund&#8217;s wallets initially consisted of Binance Coin (BNB), Binance USD (BUSD), and Bitcoin (BTC). However, Binance has decided to replace the BUSD holdings with TUSD and USDT.<\/p>\n<p>Binance has assured its users that this change will not impact them in any way, and that their funds will continue to be held in publicly verifiable addresses. BUSD will also continue to be supported on Binance. The exchange also stated that it will closely monitor the fund to ensure that it remains sufficiently capitalized, and will top it up periodically as necessary using its own funds.<\/p>\n<p>On Feb 13, BUSD stablecoin issuer Paxos Trust Company announced that it would halt the issuance of new Binance USD (BUSD) stablecoins due to the ongoing probe by New York regulators. Paxos stopped minting new BUSD tokens starting from Feb. 21, in accordance with the directions and coordination with the New York Department of Financial Services (NYDFS).\u00a0<\/p>\n<p><strong><em>Related: Coinbase disables trading for BUSD<\/em><\/strong><\/p>\n<p>Days after reports of United States regulatory scrutiny of Paxos and Binance USD, Binance minted nearly $50 million worth of TrueUSD (TUSD). The transaction took place on Feb. 16, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/address\/0xe0f992fcea15b498c5ec3783d6fdbfae9dda7318\">according<\/a> to data from Etherscan, and came two days after Binance CEO Chanpeng \u201cCZ\u201d Zhao mentioned in a Feb. 14 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> Spaces that Binance would look to \u201cdiversify\u201d its stablecoin holdings away from BUSD.<\/p>\n<p>In light of the U.S. Securities and Exchange Commission&#8217;s action against Binance&#8217;s BUSD, some crypto community members have questioned whether the real issue at hand is about stablecoins or Binance, as the SEC didn\u2019t take action against Paxos\u2019 gold-backed stablecoin called Pax Gold (PAXG.)<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is an excellent point. Paxos has been specifically targeted for BUSD, but not their own Pax dollar.<\/p>\n<p>Look at the bigger picture. FTX collapsed, &amp; now suddenly the regulators are coming after Binance.<\/p>\n<p>It&#8217;s almost as if a co-conspirator of Binance is informing on them. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/FhkrntttlK\">https:\/\/t.co\/FhkrntttlK<\/a><\/p>\n<p>\u2014 Cryptohippo (@cryptohippo65) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptohippo65\/status\/1625148988918734848?ref_src=twsrc%5Etfw\">February 13, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-replaces-busd-in-safu-fund-with-tusd-usdt\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance replaces BUSD in SAFU Fund with TUSD &#038; USDT &#8220; Cryptocurrency exchange Binance\u00a0announced\u00a0on March 17 that it has replaced BUSD holdings in the Secure Asset Fund for Users (SAFU) with TrueUSD (TUSD) and Tether (USDT). The move comes in response to Paxos&#8217; recent decision to stop minting new Binance USD (BUSD), leading to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":565144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/129af18d-ce81-435a-95be-59f91e852018.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,138848,74894,74863,117,73711,73785],"class_list":["post-565143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-binance-usd","tag-blockchain","tag-cryptocurrencies","tag-business","tag-investments","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/565143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=565143"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/565143\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/565144"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=565143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=565143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=565143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}