Binance will convert $1 billion of stablecoin reserves held by the SAFU Fund into Bitcoin reserves.

PANews reported on January 30th that Binance announced in an open letter to the crypto community that it will adjust the asset structure of the SAFU fund, gradually converting its existing $1 billion stablecoin reserves into Bitcoin reserves, with plans to complete the conversion within 30 days of this announcement. Binance will regularly review the SAFU fund's asset size, and if the fund's market capitalization falls below $800 million due to Bitcoin price fluctuations, Binance will replenish the fund with Bitcoin to restore it to $1 billion.

Based on Binance's assessment of Bitcoin as a core asset in the crypto ecosystem and its long-term value, Binance is willing to share the uncertainties with the industry during periods of pressure and increased cyclical volatility, and continue to invest resources in the crypto ecosystem. This initiative is part of Binance's long-term commitment to building the industry, and the company will continue to advance related work and gradually share more progress with the community.