Binance's blog post stated that the Secure Asset Fund for Users (SAFU) was established in 2018 as an emergency insurance fund to protect Binance users in extreme situations, which is one of the important differences between Binance and other exchanges. Over the years, Binance has been monitoring the size of SAFU and maintaining a balance of funds to provide sufficient protection for users. Although it has fluctuated, it usually remains at the level of $1 billion.
SAFU is still a core part of Binance's responsibility to the ecosystem, and Binance is constantly developing to respond to market conditions. Now, Binance has converted 100% of SAFU's assets to USDC. Using a trusted, audited, and transparent stablecoin to manage SAFU further enhances its reliability and ensures that it remains stable at $1 billion.